Konvoy Ventures, a venture capital firm, plans to invest at least $30 million in a variety of blockchain- and cryptocurrency-based video games.
The American business announced the launch of Konvoy Fund III, which will invest $150 million in a range of gaming platforms and technologies. According to Bloomberg, up to $45 million, or 30 percent of the funds, would be invested in blockchain and cryptocurrency games.
Konvoy is knowledgeable with both cryptocurrencies and blockchain-based video games. The business has supported several other gaming businesses and initiatives, like Sky Mavis, the creator of Axie Infinity, Ready Player Me, an avatar platform for the Metaverse, and the open-world NFT game Genopets.
The company’s initial two funds have so far made 35 investments across 35 different companies in South-East Asia, North America, Europe, the Middle East, and Africa.
Blockchain-based games have grown in popularity over the previous 12 months. Games utilizing non-fungible tokens (NFTs) and play-to-earn models have gained a lot of attention in the industry. There has also been plenty of cash available. After investing $32 million in Planetarium Labs, Animoca Brands, Samsung Next, and WeMade, Konvoy launched its newest fund.