On October 8th, the venture capital firm NFX launched a cryptocurrency-based gaming initiative. The goal of the project is to get pre-seed and seed round funds into the hands of crypto gaming company founders by October 17th.
Prior to this announcement, NFX revealed it was going to invest $450 million into seed-stage companies. NFX’s General Partner, Morgan Beller, expressed that the fund would be used to do “something cool in gaming.”
On October 7th, NFX launched six FAST (Founder-friendly, Application-driven, Software-enabled and Transparent) initiatives that cover numerous industries. NFX said the organization has already made $20 million available for this batch of FASTs.
NFX is a venture capital firm based in San Francisco, California. The business currently has two offices in the U.S. and Israel.
The Profit‘s Take:
Between this, VYSYN, and Bitkraft, we now have three different funds dedicated to blockchain gaming companies. Two things will inevitably happen: 1. everybody and their mother will have a blockchain gaming company next week. I am sure every deck I see over the next few weeks will be filled with blockchain gaming. 2. The few legitimate companies will fight for one of these three pools of money in a very young space. This will lead to valuations that get higher and higher while competition for these deals increases. These early funds will probably not succeed. However, there is definitely long-term value in the space.
(All information was provided by LinkedIn and Yahoo! Finance)
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