‘GameFi Eco-System’ Fund $100m launch
The adoption of blockchain technology continues apace with new and exciting avenues, presenting themselves on a weekly basis.
There is no more exciting environment than virtual reality and the metaverse right now. It seems as if these two worlds are the perfect fit for blockchain technology.
GameFI Eco-System Fund
With this in mind, cryptocurrency trading giant FTX released details today of a brand new investment fund targeting Gamefi, the Metaverse and Web 3.0 companies. As a joint venture between FTX, Solana Ventures and LightSpeed Venture Partners, the ‘GameFi Eco-System Fund’ is allocating $100 million to invest in gaming studios, technology companies and ‘other projects’.
Web 3.0 can be thought of as the next evolutionary step of the internet. Through the use of artificial intelligence, decentralised networks and blockchain technology, the internet is set to undergo a revolutionary transformation. With many people viewing the evolution of Web 3.0 as less than 2 years away, the launch of the ‘GameFi Eco-System Fund’ is evidence that large investors are taking this space seriously.
This new version of the internet will be faster, fairer and have less need for central points of control and authority. Now, artificial intelligence and machine learning take the leg work out of administering and authenticating internet content.
Play to Earn
Amy Wu of LightSpeed Venture Partners said gaming was a massive opportunity to ‘bring the next billion users to Web 3.0’. The global gaming market is currently estimated to be worth around $100 billion. Many analysts are expecting those figures to double in the next two years due to new concepts, which appeal to a much wider audience.
Mobile games like Axie Afinity and HeroFi have shown how blockchain technology and NFTs can be successfully incorporated into the gaming universe. Play to Earn gaming concepts have become huge hits in the Far East. Users can generate, trade and earn cryptocurrency by simply playing games on their mobile phones.
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Author: Moni Talks
Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.