Venture capitalists are turning to the budding Web 3 and metaverse industries amid a dry spell in the industry. After two years in which the COVID-19 pandemic sparked exponential growth in industries like e-grocery, food delivery, and edtech, the easing of lockdown restrictions has created a “funding winter” in which VC funds are attempting to navigate. But rather than sulk, executives and investors have turned their attention to the gaming industry, particularly the part of the industry that represents the next generation of the Internet.
Andreessen Horowitz has launched two new funds, a $4.5 billion fund for crypto, blockchain, and Web 3 companies, and a $600 million “Games Fund One” focused exclusively on the gaming industry.
Meanwhile, a group of former executives at crypto exchange Binance recently launched a $100 million venture fund for gaming and gaming startups.
In November, metaverse platform The Sandbox raised $93 million in a funding round led by SoftBank Vision Fund 2, the first crypto investment from the Japanese investment company.
NFT startup Sfermion received $100 million from the Winklevoss Twins, and the list goes on and on…
It’s a positive sign for the gaming/crypto/Web 3 industries to see this much money coming in despite the “funding winter.” Ultimately, the next generation of the Internet has fueled excitement and interest from VC firms, and even more importantly, large investments, giving us a lot to look forward to in the near future.
(All information was provided by Business Standard)
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