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Home Blockchain

Gaming VC firm Konvoy plans to invest $150M in blockchain gaming

by Crypto News
July 14, 2022
in Blockchain
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Gaming VC firm Konvoy plans to invest $150M in blockchain gaming
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Konvoy, a U.S.-based gaming-focused enterprise capital agency, has announced the launch of Konvoy Fund III, a $150 million enterprise fund devoted to platforms and applied sciences in gaming that it intends to make use of to put money into early-stage firms. 

In response to a Bloomberg report, Konvoy’s plans for the fund embrace a 20-30% allocation to investing in blockchain and digital assets-related video games. Josh Chapman, one of many three founders of the agency, stated that Konvoy is worked up to take part within the digital property market. 

“We’re excited to again them by the thick and skinny… A hundred percent publicity to crypto wouldn’t be the suitable technique for us, however 0% would even be the fallacious technique,” Chapman stated. 

Its high consideration for the allocation is to make token-based investments within the firms as an alternative of looking for fairness. The founder argued that blockchain expertise has the potential to enhance the gaming expertise of gamers and permit them to earn cash whereas taking part in. 

The fundraising just isn’t the primary time the corporate will enterprise into investing in net 3 gaming corporations. Konvoy was one of many early backers of Sky Mavis, the builders of Axie Infinity. It additionally invested in blockchain-based sport Genopets and Prepared Participant Me—a platform for designing digital avatars that may put on NFTs. 

Chapman and his brother Jason Chapman based Konvoy along with their childhood pal Jackson Vaughan again in 2018. Outdoors of blockchain gaming, Konvoy is seeking to put money into conventional gaming startups, particularly people who develop gaming infrastructure and intersect with different industries. 

Blockchain gaming attracting extra traders and customers

Blockchain gaming is primarily used to seek advice from video games powered by NFTs and offers gamers rights to personal components of the sport and earn from it. The time period got here to the limelight with the NFT growth and the recognition of play-to-earn video games like Axie Infinity. 

Platforms within the house have been seeing a growth in consumer exercise regardless of the digital property bear market, in keeping with a report by DappRadar. 

Since final yr, the sector has additionally been attracting extra various traders. Early this yr, Square Enix, a Japanese gaming large, and proprietor of gaming franchises like Tomb Raider, additionally introduced that it will dump a few of its gaming mental property (IP) and studios. The funds from the sale will probably be invested in exploring blockchain gaming.

Watch: The BSV International Blockchain Conference presentation, Scaling Video games on Layer One: Why It Issues

New to Bitcoin? Try CoinGeek’s Bitcoin for Beginners part, the final word useful resource information to study extra about Bitcoin—as initially envisioned by Satoshi Nakamoto—and blockchain.



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