Welcome to This Week in the Metaverse, where Fortune It brings together the most interesting stories of the week about NFTs, culture, Web3-based games, and, well, the metaverse. Email marco.quiroz-gutierrez@fortune.com with tips

For our inaugural issue, let’s start by taking a closer look at Horizon’s ambition for blockchain gaming.

It’s a tough time for crypto markets as even famously bullish VCs are pulling back, with global funding for venture capital-backed crypto startups falling 50% from Q2 to Q3. But one bright spot is Horizon Blockchain Gamesthe Toronto-based infrastructure and products company Web3 that this week raised $40 million in a round led by Brevan Howard Digital Y morgan creek digital.

CEO Peter Kieltyka refused to disclose Horizon’s valuation…