The cryptocurrency investment company Framework Ventures has raised $400 million in new funding to invest in early-stage companies in the Web 3.0, blockchain gaming and decentralized finance (DeFi).
The company announced on Tuesday that the proceeds will go to “FVIII”, an oversubscribed fund of USD 400 million. Roughly $200 million of that total will go to the emerging blockchain gaming industry.
The venture capital firm, which had early exposure to DeFi, now has more than $1.4 billion in assets under management. Framework Ventures was an early investor in projects like Chainlink, Aave, and The Graph.
Much like DeFi in 2020, gaming and Web 3.0 have been identified as the next big growth plays for the blockchain industry. Axie Infinity – a popular money-making game built around the collection of digital pet avatars called Axies – has provided a strong use case for this emerging paradigm. According to blockchain analytics platform Nansen, there are currently 2.8 million unique addresses owned by 11.1 million Axies.
Web3 and NFTs stole the show at SXSW 2022, while BTC and cryptocurrency enjoyed very little focus. https://t.co/e38F0Hifon
— Cointelegraph (@Cointelegraph) March 21, 2022
Web 3.0 and NFTs stole the show at SXSW 2022, while BTC and crypto enjoyed very little attention.
As Cointelegraph reported, Web 3.0 is also fueling the continued growth of the non-fungible token market by giving creators the ability to build NFTs with real-world use cases within virtual ecosystems.
Venture capital funds and other smart money investors have been very interested in backing Web 3.0 development companies. On Tuesday, Cointelegraph reported that companies in the KuCoin ecosystem had launched a $100 million Web3 development fund focused on NFT projects. Separately, cryptocurrency exchange CoinDCX has raised USD 135 million to support Web 3.0 projects based in India.
Beyond the blockchain industry, it is believed that the play-to-earn model could have a significant impact on the future of gaming. Myspace co-founder and former CEO Chris DeWolfe told Cointelgraph that the “play to earn” business model gives gamers more control over their gaming experiences.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.