a16z’s Game Endeavors
The leading VC firm a16z said the latest move is based on the belief that games are “driving innovation” across the consumer ecosystem and the “pivotal point” of the next century.
Considering that giants like Fortnite, League of Legends, and Minecraft, are generating billions of dollars in revenue each year, a16z believes the Metaverse powered by game infrastructures and technologies can potentially challenge the $300 billion game industry.
The firm’s release has outlined that the fund will go to promising game studios, consumer companies built around player communities, and infrastructure tools and services vital for upcoming games and the Metaverse. In addition, the fund will help its portfolio companies, from building communities to managing virtual economies, IP licensing and building dev teams.
Seeing GAMES FUND ONE as “nearly a decade in the making,” the VC firm recalled its game endeavors began in the 2010s by backing companies like Zynga and Oculus, stating its firm belief in the industry has only been stronger.
“All of this has cemented our belief that games require a specialized focus–not just in dedicated investing capital, but also in operational prowess that’s as unique and forward-thinking as the games industry itself.”
A New Crypto Research Unit Focused on Web3
Last month, the VC firm created a Web3-focused crypto research team, claiming that such applications can “uncover fresh research challenges that are fundamental to how this technological movement will play out.”
The team saw the lab as a research center dedicated to solving problems in the Web3 space and moving to advance the science and technology of the next generation of the Internet.
As reported by CryptoPotato several months ago, a16z, amongst the leading venture capital companies investing in all sorts of crypto and tech-related projects, raised $9 billion to double down on its involvement in the sector.