Animoca Ventures Leads Charge To Save Web3 Gaming
Key Points:
- Major console makers are looking to get involved in the web3 gaming sector, signaling hope for recovery in the crypto gaming industry.
- Animoca Ventures raised a $100 million fund with a mandate to allocate 10% of its capital to NFTs.
- Last month was the highest month in venture funding for the blockchain sector year to date, receiving just shy of $1.2 billion across 156 deals.
Animoca Ventures – crypto gaming has been in decline due to the fall in the price of tokens issued by developers. However, James Ho, head of the $100 million fund Animoca Ventures, believes that the sector is still attracting some of the best veterans in gaming.
He cites examples such as FunPlus’s investment in Xterio, a web3 mobile game developer, Square Enix’s expansion into blockchain gaming, and an unnamed studio that was formerly part of Tencent, the Chinese tech giant, that is now building a web3 first-person shooter.
These mainstream gaming giants have shown interest in the crypto gaming space, and are investing in it to stay on top of innovation. Animoca Ventures is currently putting out feelers to raise a second early-stage venture fund and has already received interest from key Japanese console makers.
The first fund, with a focus on seed and Series A stage investments in the crypto gaming space, was unveiled in May 2022. The fund has deployed over half of its $100 million across roughly 100 startups, including well-known names like Yuga Labs, the Bored Ape Yacht Club creator. Although crypto venture funding hit nearly $3.4 billion in May 2021, funding has declined since then along with cryptocurrency prices and the collapse of several firms including Voyager and Genesis.
Despite this, last month was the highest month in venture funding for the blockchain sector year to date, receiving just shy of $1.2 billion across 156 deals. Although the funds come mostly from external institutional backers, Animoca Group’s cash is also in the mix. The first fund has a mandate to allocate 10% of its capital to NFTs.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
NFTs News
Animoca Ventures Leads Charge To Save Web3 Gaming
Key Points:
- Major console makers are looking to get involved in the web3 gaming sector, signaling hope for recovery in the crypto gaming industry.
- Animoca Ventures raised a $100 million fund with a mandate to allocate 10% of its capital to NFTs.
- Last month was the highest month in venture funding for the blockchain sector year to date, receiving just shy of $1.2 billion across 156 deals.
Animoca Ventures – crypto gaming has been in decline due to the fall in the price of tokens issued by developers. However, James Ho, head of the $100 million fund Animoca Ventures, believes that the sector is still attracting some of the best veterans in gaming.
He cites examples such as FunPlus’s investment in Xterio, a web3 mobile game developer, Square Enix’s expansion into blockchain gaming, and an unnamed studio that was formerly part of Tencent, the Chinese tech giant, that is now building a web3 first-person shooter.
These mainstream gaming giants have shown interest in the crypto gaming space, and are investing in it to stay on top of innovation. Animoca Ventures is currently putting out feelers to raise a second early-stage venture fund and has already received interest from key Japanese console makers.
The first fund, with a focus on seed and Series A stage investments in the crypto gaming space, was unveiled in May 2022. The fund has deployed over half of its $100 million across roughly 100 startups, including well-known names like Yuga Labs, the Bored Ape Yacht Club creator. Although crypto venture funding hit nearly $3.4 billion in May 2021, funding has declined since then along with cryptocurrency prices and the collapse of several firms including Voyager and Genesis.
Despite this, last month was the highest month in venture funding for the blockchain sector year to date, receiving just shy of $1.2 billion across 156 deals. Although the funds come mostly from external institutional backers, Animoca Group’s cash is also in the mix. The first fund has a mandate to allocate 10% of its capital to NFTs.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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