Is gaming in 2022 what DeFi was in 2020? Millions of dollars are flowing into the red hot sector right now, including funding from hiFramework.
Crypto-focused venture firm Framework Ventures has raised $400 million in new funding to invest in early-stage companies across the Web3, blockchain gaming and decentralized finance industries.
The completed raise will go towards “FVIII,” an oversubscribed fund worth $400 million, the company announced Tuesday. Approximately $200 million of that total will be allocated to the emerging blockchain gaming industry. The venture firm, which had early exposure to DeFi, now has over $1.4 billion in assets under management. Framework Ventures was an early investor in projects such as Chainlink, Aave and The Graph.
Like DeFi in 2020, gaming and Web3 have been identified as the next major growth plays for the blockchain industry. Axie Infinity — a popular play-to-earn game constructed around collecting digital pet avatars called Axies —has provided a solid use case for this emerging paradigm. According to blockchain analytics platform Nansen, there are currentlyWeb3 and NFTs stole the show at SXSW 2022, while BTC and cryptocurrency enjoyed very little focus.
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