Konvoy, a U.S.-based gaming-focused enterprise capital agency, has introduced 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 corporations.
According to a Bloomberg report, Konvoy’s plans for the fund embody a 20-30% allocation to investing in blockchain and digital assets-related video games. Josh Chapman, one of many three founders of the agency, mentioned that Konvoy is happy to take part within the digital belongings market.
“We’re excited to back them through the thick and thin… One hundred percent exposure to crypto would not be the right strategy for us, but 0% would also be the wrong strategy,” Chapman mentioned.
Its high consideration for the allocation is to make token-based investments within the corporations as an alternative of searching for fairness. The founder argued that blockchain know-how has the potential to enhance the gaming expertise of gamers and permit them to earn cash whereas enjoying.
The fundraising will not be the primary time the corporate will enterprise into investing in internet 3 gaming companies. Konvoy was one of many early backers of Sky Mavis, the builders of Axie Infinity. It additionally invested in blockchain-based recreation Genopets and Ready Player 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. Outside of blockchain gaming, Konvoy is trying to put money into conventional gaming startups, particularly people who develop gaming infrastructure and intersect with different industries.
Blockchain gaming attracting extra buyers and customers
Blockchain gaming is primarily used to confer with 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 increase and the recognition of play-to-earn video games like Axie Infinity.
Platforms within the area have been seeing a increase in consumer exercise regardless of the digital belongings bear market, in response to a report by DappRadar.
Since final yr, the sector has additionally been attracting extra numerous buyers. Early this yr, Square Enix, a Japanese gaming big, and proprietor of gaming franchises like Tomb Raider, additionally introduced that it could dump a few of its gaming mental property (IP) and studios. The funds from the sale shall be invested in exploring blockchain gaming.
Watch: The BSV Global Blockchain Convention presentation, Scaling Games on Layer One: Why It Matters
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