M10
M10 (Material10) is a London-based gaming studio developing competitive multiplayer shooter games with player-driven, Web3-enabled economies. Its flagship title, Project Fallen, targets competitive gamers underserved by current shooter and battle royale titles.
- Company typePrivate
- Founded2022
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What M10 does
M10 (also branded Material10, legal entity XTribes Studios LTD) is a London-headquartered gaming studio founded in 2022 that develops and publishes competitive multiplayer video games. The studio operates a fully distributed team of 11-50 employees and is positioning itself as a "next-gen video game company" targeting competitive multiplayer gamers who are dissatisfied with the current slate of shooter and battle royale titles. M10 has raised approximately $6 million across three funding rounds (2022, 2024, 2025), with capital sourced primarily from Web3-native investors including Big Brain Holdings, Blockchain Founders Fund, GSR, Monoceros, Presto, Sui Foundation, AngelDAO, Caballeros Capital, and Trousdale Ventures, reflecting a strategic orientation toward blockchain-enabled gaming and player-driven digital economies.
M10's product portfolio centers on Project Fallen, a flagship competitive multiplayer shooter announced for 2025 that aims to "redefine the shooter genre" through novel core and meta mechanics. Beyond first-party development, the studio has extended into platform and publishing services, offering an Open Economy gaming platform and a Game Publishing arm branded as a "Free-to-Play 2.0" model—an alternative to traditional F2P monetization that the company claims is more player-friendly and accessible. M10 monetizes through optional in-game purchases, cosmetics, battle passes, and premium content within free-to-play titles, with digital storefronts serving as the primary distribution channel and a product-led growth motion driving organic player adoption.
The founding leadership—Co-Founder & President Lars Buttler, Co-Founder & CCO Martin Capel, and CEO Maitham Mohamed—brings prior experience from major gaming publishers including Ubisoft, Epic Games, Rockstar, 2K, Activision, EA, and Wargaming. The company's primary customer segment is competitive multiplayer gamers seeking fresh gameplay experiences, served through a horizontal segmentation approach. The studio has not yet shipped a commercial title and reports no disclosed revenue, positioning it firmly in the pre-launch, venture-funded development phase. Note: two partnership records in the source data (a Mastercard digital card launch in Azerbaijan and an MCR Services charity Boys' Network program) appear to reference separate non-gaming entities also using the "M10" name and are not attributed to the gaming studio.
M10 firmographics
Firmographics- Name
- M10
- Legal name
- XTribes Studios LTD
- Website
- https://m10.xyz
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- M10 (Material10) is a London-based gaming studio developing competitive multiplayer shooter games with player-driven, Web3-enabled economies. Its flagship title, Project Fallen, targets competitive gamers underserved by current shooter and battle royale titles.
- Ownership category
- akta.pro rank
M10 industry classification
Industry- Product category
- Video Games
- NAICS
- Software Publishers (5132)
- akta.pro primary industry
- Mobile & F2P Game Studios (MPAFAAAB)
- akta.pro secondary industry
- Player-to-Player Marketplaces & Trading Platforms (MPAFAJAE)
Keywords
Where M10 is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Markets served
M10 business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Free-to-Play Game Publishing: M10 operates a free-to-play 2.0 model that is more player-friendly, offering games that are more free and accessible. Revenue is generated through in-game purchases, cosmetics, and optional premium content within the games.
- Web3 Gaming Services: Development of competitive multiplayer Web3 games, potentially incorporating blockchain-based activities and digital asset ownership.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free-to-play base game with optional in-game purchases |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
M10 product offering
Product offeringCore offering
M10 is a gaming studio that develops and publishes competitive multiplayer video games under a free-to-play 2.0 model. Its flagship product, Project Fallen, is a shooter game designed to redefine the genre with novel core and meta mechanics. The company also operates a publishing arm for external game developers and maintains an open economy gaming platform with player-driven economics and potential Web3 integration.
Product overview
M10 is a gaming studio creating competitive multiplayer games with an open economy model. The company offers a free-to-play 2.0 model branded as 'an improved model free-to-play 2.0 gamers first' and operates a publishing arm for developers. Their flagship product is 'Project Fallen,' a shooter game. The company positions itself as a 'next-gen video game company' developing truly fresh competitive multiplayer games that are more accessible, more intense, and more fun.
Differentiator
Problem solved
Functional benefit
Products and services
- Project Fallen M10's flagship competitive multiplayer shooter game that aims to redefine the shooter genre by introducing a new core and meta that creates truly fresh, fun, and unique player experiences. Targeted at competitive multiplayer gamers.
- Open Economy Platform
Companies that use M10
Customer profileSegments1 record
Ideal customer profiles2 records
M10 technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
M10 partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship and minor.
- MastercardflagshipM10 and Mastercard launched a fully digital payment card in Azerbaijan, marking the first fintech-Mastercard collaboration in the country. The digital card offers seamless activation, security, and compatibility with Apple Pay and Google Pay, supporting Azerbaijan's shift to a digital economy. The initiative aims to enhance digital financial services, financial literacy, and economic growth in Azerbaijan.
- MCR ServicesminorMCR Services partnered with charity M10 to support its Boys' Network program, mentoring young men aged 16-17 through online sessions and providing work experience to local students. The initiative addresses issues facing young men highlighted by The Lost Boys report, such as challenges in education, employment, and mental health.
Scale indicators2 records
Recent moves5 records
Expansion highlights5 records
M10 competitors and assessment
Company assessmentDirect peers
- Shrapnel: Web3 AAA extraction shooter with a player-driven economy built on Avalanche. Comparable as a Web3-native competitive shooter with modding and creator economies — a direct adjacency to M10's open-economy thesis.
- Gala Games: Web3 gaming network publishing multiple titles with player-owned NFT economies. Comparable as a Web3 publisher/developer of multiplayer games with tokenized in-game economies.
- Big Time Studios: Developer of Big Time, a multiplayer action RPG with player-owned NFT economies. Comparable as a Web3-native studio building competitive multiplayer experiences with player-driven markets.
- Gunzilla Games: Developer of the Web3-powered competitive shooter Off The Grid. The closest direct peer — a studio building a competitive multiplayer shooter with a blockchain-based player-driven economy.
- Mythical Games: Web3 gaming platform and studio behind NFL Rivals and Blankos. Comparable as a Web3-native game developer/publisher pursuing player-owned economies in competitive games.
- Limit Break: Web3 game developer founded by Machine Zone alumni and creator of MegaETH-powered games. Comparable as a studio pursuing player-owned digital economies in competitive gaming.
- Immutable: Web3 gaming platform powering studios like Gods Unchained and Guild of Guardians. Comparable as infrastructure-layer enabler of player-driven economies for competitive games.
Broad incumbents
- Riot Games: Publisher of competitive multiplayer shooters (Valorant) and the dominant F2P 5v5 hero shooter M10 will compete against with Project Fallen. Comparable as a developer/publisher of competitive multiplayer experiences with strong live-ops.
- Respawn Entertainment: Creator of Apex Legends, the leading F2P competitive shooter/battle royale. Highly comparable as a studio producing F2P competitive multiplayer shooters with cosmetic monetization.
- Bungie: Developer of Destiny 2 and the upcoming Marathon extraction shooter. Directly comparable as a studio building competitive multiplayer shooters with deep endgame economies, though operating at vastly greater scale.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
M10 social profiles
Digital presenceM10 financial estimates
Financial estimateRevenue estimate
Valuation estimate
M10 leadership team
Management profileNumber of profiles
Profiles3 records
M10 funding detail
Funding detailFunding overview
Funding rounds3 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
M10 M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about M10
What does M10 do?
M10 is a gaming studio that develops and publishes competitive multiplayer video games under a free-to-play 2.0 model. Its flagship product, Project Fallen, is a shooter game designed to redefine the genre with novel core and meta mechanics. The company also operates a publishing arm for external game developers and maintains an open economy gaming platform with player-driven economics and potential Web3 integration.
Is M10 a public or private company?
M10 is a private company. It is classified as venture growth investor backed and is currently operating.
When was M10 founded?
M10 was founded in 2022. It employs 11 to 50 people.
Where is M10 based?
M10 is headquartered in London, United Kingdom, in the Europe region.
How does M10 make money?
Two revenue lines are on record. Free-to-Play Game Publishing is the primary driver. The others are web3 Gaming Services.
Who are M10's main competitors?
Direct peers on record are Shrapnel, Gala Games, Big Time Studios, Gunzilla Games, Mythical Games, Limit Break and Immutable. Broad incumbents are Riot Games, Respawn Entertainment and Bungie.
Does M10 have an API?
No public API is recorded for M10.
What industry is M10 in?
M10's product category is Video Games. Its primary akta.pro industry code is MPAFAAAB, Mobile & F2P Game Studios, with a secondary code of MPAFAJAE, Player-to-Player Marketplaces & Trading Platforms. Its NAICS code is 5132.