Gaming VC firm Konvoy plans to invest $ 150 million in blockchain games
Konvoy, a US-based gaming-focused venture capital firm, has announced the launch of Konvoy Fund III, a $ 150 million venture fund dedicated to gaming platforms and technologies it intends to use to invest in early-stage companies.
According to a Bloomberg report, Konvoy’s plans for the fund include a 20-30% allocation to invest in blockchain and digital asset-related games. Josh Chapman, one of the three founders of the company, said that Konvoy is excited to participate in the digital assets market.
“We are happy to support them through thick and thin … One hundred percent exposure to crypto would not be the right strategy for us, but 0% would also be the wrong strategy,” Chapman said.
The main consideration for the allocation is to make token-based investments in the companies instead of applying for equity. The founder claimed that blockchain technology has the potential to improve the gaming experience of players and allow them to make money while playing.
The fundraiser is not the first time the company dares to invest in web 3 gaming companies. Konvoy was one of the early supporters of Sky Mavis, the developers of Axie Infinity. It also invested in blockchain-based games Genopets and Ready Player Me – a platform for designing virtual avatars that can carry NFTs.
Chapman and brother Jason Chapman co-founded Konvoy with his childhood friend Jackson Vaughan back in 2018. In addition to blockchain games, Konvoy is looking to invest in traditional gaming startups, especially those that develop gaming infrastructure and cross other industries.
Blockchain games attract more investors and users
Blockchain games are primarily used to refer to games powered by NFTs and give players the rights to own and profit from parts of the game. The term came to the limelight with the NFT boom and the popularity of games to make money as Axie Infinity.
In-room platforms have seen a boom in user activity despite the digital asset market, according to a report from DappRadar.
Since last year, the sector has also attracted more diverse investors. Earlier this year, Square Enix, a Japanese gaming giant and owner of gaming franchises such as Tomb Raider, also announced that it would sell some of its intellectual property (IP) rights and studios. The proceeds from the sale will be invested in exploring blockchain games.
Watch: BSV Global Blockchain Convention presentation, Scaling Games on Layer One: Why It Matters
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