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With an investment of 600 million USD in the metaverse game segment, a16z officially raised the total investment in Metaverse and Web3 to 3 billion USD.
Venture capital firm Andreessen Horowitz (a16z) has launched a $600 million fund specifically for gaming startups with a focus on Web3. They believe that “game infrastructure and technology will be key elements to building Metaverse.”
The a16z sub-fund called “GAMES FUND ONE” will invest in game studios, consumer applications and game infrastructure providers. A spokesman for the a16z fund said:
“The upcoming Metaverse will be built by game companies, using game technology,” and the industry has “solved many of the problems needed to create the Metaverse.” A belief that “games are a way for people to use their time better”.
The action of a16z marked the nearly $3 billion milestone committed by venture funds and industry giants to Web3 or Metaverse game projects since mid-April.
Are known White Star Capital successfully raised $120 million for a decentralized finance (DeFi) fund. In addition, in April 2022, Framework Ventures allocated 200 million USD for Blockchain game project on Web3.
Metaverse projects are also collecting big bucks from the giants in the gaming industry. Also last month, Epic Games, creator of the popular Fortnite game, raised $2 billion to create a new immersive creative experience space, sponsored by Sony and LEGO.
See also: Sony and LEGO Group invest $2 billion in Epic Game to fund Metaverse plans
The a16z team took as an example the billions of dollars in revenue that games like Minecraft generate. Using the open-world game model as the theme, it keeps the long-term activity from the community, like a social network. Minecraft is the best selling game of all time so far. Although released 11 years ago, up to 173 million average players join Minecraft monthly according to statistics from ActivePlayer.
“GAMES FUND ONE” is a16z’s first fund dedicated solely to the Web3 metaverse game. But in the past, a16z has funded many other successful game projects, including virtual reality (VR) company Oculus or game developer Zynga.
Join the fund with founders of game development companies and famous games as co-founders Riot Games Marc Merrill, Aleks Larsen and Jeffrey Zirlin’s co-founders Sky Mavisthe company that owns the famous Axie Infinity and Kevin Lin, the founder of the game company Metatheory received $24 million in a funding round led by a16z.
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