Venture Capitalists Still Pursuing Gaming Companies for Funding

Investors are rushing in to put their money into the crypto landscape. Proof of this is the popularity of play-to-earn gaming companies to these venture capitalists. Making news recently was private Silicon Valley venture firm Andreesen Horowitz (a16z).

The private company dedicated $600 million in funding to gaming startups to level up its stake in Web3 technology, $6 million of it went to startup Halliday. This lets its gaming patrons buy and use digital assets in the metaverse. Andreesen Horowitz wasn’t alone as Hashed, a_capital, and SV Angel also joined in on the funding.

Halliday and Other Gaming Companies

In a Halliday blog post, co-founders Akshay Malhotra and Griffin Dunaif expressed their gratitude to their new backers. They announced the upcoming launch of the first-ever solution that lets people have ownership of blockchain games and other metaverse assets using later payments.

From this, Halliday will be able to empower gamers by giving them access to ownership of game NFTs. Players will now be able to have a new gaming experience by letting them have a virtual avatar. They can also get distinctive skins as a way to express themselves or a great sword to finally beat the last enemy. 

The founders also explained how Halliday would integrate with games and marketplaces as the alternative payment option at checkout. This will offer players a seamless method of securing ownership and paying for their NFT purchases over time. 

They also mentioned how their solution would be easy and transparent with no surprises or hidden fees. This way, the players can start playing with their NFTs instantly. This will significantly cut down the players’ waiting time.

In an interview, Framework Ventures co-founder Vance Spencer said that gaming companies and startups are still a popular investment for many investors. He stated the reason for this is the three billion gamers in the world. In addition, the half-billion who earn less than $5 a day and have access to the internet.

Outside the Gaming Sphere

There wasn’t much commotion in the crypto industry outside the gaming sphere the past week. Notably, many investors are still seen committing to startups building their bases in the industry. Special mention is Brevan Howard Asset Management which raised more than a billion from institutional investors. This allowed them to launch the most prominent crypto hedge fund ever.

This, from a company that’s previously skeptical of the crypto industry. This latest development has implied that the European hedge fund will soon throw in more substantial support for the advancement and improvement of cryptocurrency startups.

In other news, decentralized BNB and Gnosis chain farming protocol, XION Finance also gave its statement. It announced the $50 million investment commitment it secured from GEM Digital Limited. The latter is a digital asset investment company based in the Bahamas. It claims to have investments in more than 30 utility tokens worldwide. 

They are now planning to use the funds to offer everyday users the power to earn high yields. They will also give them the ability to trade assets between multiple chains. They will also be giving them the chance to invest in tier one projects, according to Ron Quarmby, founder and CEO of XION Finance and XION Global.

In addition, GEM Digital committed $25 million in funding to the multi-blockchain platform Geeq. This is the platform that uses a patent-pending blockchain consensus mechanism. Its CEO Ric Asselstine said that with the commitment, they would be ready to bring enterprises and individuals into the metaverse and Web3.

Its parent company, GEM Capital, says it is a $3.4 billion alternative investment group. It manages a diverse set of investment vehicles that have its focus on up-and-coming markets all over the globe.