A Silicon Valley-based investment firm is launching a new $600,000,000 metaverse fund in its latest push to embrace crypto assets.
In a new company blog post, venture capital giant Andreessen Horowitz is announcing the launch of the Games One Fund, a fund dedicated to supporting innovation in the gaming industry and building the underlying infrastructure of the metaverse.
Andreessen Horowitz says it plans to use the fund to invest in game development studios, consumer applications that offer support games and the framework of the metaverse itself, which the firm believes is the future of gaming.
“Long term, we believe games infrastructure and technologies will be key building blocks of the metaverse…
As games evolve into virtual worlds and online services, the demand for tools and services needed to build great games is skyrocketing. Not only is this infrastructure important for games in its own right, we also believe that the coming metaverse will be built by games companies, using games technologies.”
According to the company, video games have gone through a radical transformation over the last decade, becoming social media-like networks that can utilize Web 3.0 digital assets.
“Over the past decade, games have undergone a radical transformation, from simply being packaged entertainment to becoming online services that more closely resemble social networks and scale like consumer technology companies…
Furthermore, games are also driving innovation across the entire consumer ecosystem, pioneering best-in-class mechanisms for user engagement, retention, and monetization, such as microtransactions, battle passes, and Web 3.0 tokens.”
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