Framework Ventures has raised $400 million to invest in early-stage firms in the Web3, blockchain gaming, and DeFi sectors. Approximately $200 million will be invested in the growing blockchain gaming sector.
In 2020, Web3 and gaming are expected to be the next significant growth areas in the blockchain sector, similar to DeFi. Axie Infinity, a popular play-to-earn game based on collecting digital pet avatars known as Axies, is an excellent illustration of how this new system might be utilized.
There are currently 2.8 million unique addresses that own 11.1 million Axies, according to blockchain analytics firm Nansen. Web3 is also encouraging the creation of the nonfungible token market by providing developers with tools that enable them to create NFTs with real-world applications within virtual ecosystems.
Framework Ventures to Web3 Gaming
Today, Framework Ventures, which had early exposure to DeFi and manages more than $1.4 billion in assets, is the largest investor in blockchain companies. Chainlink, Aave, and The Graph were among the company’s earliest investments.
Developers in the Ethereum community have been seeking funding from venture capitalists and investors. The Web 3 Developer Fund, which has a value of $100 million, aims to support NFT developments. CoinDCX, a cryptocurrency exchange based in India, has raised $135 million for Indian Web3 initiatives alone.
Reaching the Gaming Industry
Beyond the blockchain industry, the P2E concept is expected to have a significant influence on tomorrow’s gaming industry. MySpace co-founder and former CEO Chris DeWolfe said that the P2E model allows players more control for deeper gaming experiences.
Chris DeWolfe thinks that blockchain-based entertainment will be a major platform for sociability and commerce in the future.
The gaming industry has had its shares of publishers showing their support for blockchain gaming including Square Enix, Ubisoft, Sega, and Microsoft. Open-source game engine Unity has also implemented tools that allow developers to create NFTs on the fly.
While most gamers still feel skeptical over the idea of NFTs in mainstream video games, it will take a while until the whole community will come to accept blockchain technology as a new norm.
