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Play Ventures invests $75 million in blockchain technology

Play Ventures invests $75 million in blockchain technology

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Play Ventures sets up the Play Future Fund and puts $75 million into blockchain gaming.

A gaming venture capital company called Play Ventures has raised $75 million for a blockchain gaming fund called the Play Future Fund. The fund will put money into blockchain gaming startup projects and web3 startups.

Play Ventures Commits $75 Million For blockchain gaming
Play Ventures Commits $75 Million For blockchain gaming

Singapore-based Play Ventures has put money into three companies: Community Gaming, ReNFT, and GuildFi. All three projects have something to do with blockchain gaming, and Community Gaming is using NFTs and blockchain to run a tournament.

GuildFi is for managing guilds and playing “Play to Earn” games, while ReNFT is for lending and renting NFTs. Play Ventures was started by Harry Manninen and Henric Surronen. Both of them are involved in the gaming business.

The goal of the fund is to help studios and developers who are working on blockchain-based games and even the metaverse. “Web3 and play-and-earn will fundamentally change how games are made, played, and experienced,” says Play Ventures.

Open public blockchains give innovators a blank slate that hasn’t been seen since the beginning of the internet.” Before, the company put money into projects that were not part of the blockchain ecosystem.

Kenrick Drijkoningen, who is a general partner at Play Venture Fund, will be in charge of the Play Venture Fund. Before, Drijkoningen was the head of Lunex Ventures, a company that focused on blockchain and cryptocurrencies.

Golden Gate Ventures created Lunex Ventures, which had $10 million in blockchain funds. In 2018, when these projects were being funded, there weren’t many companies like Lunex Ventures.

Kenrick Drijkoningen’s portfolio looks good because Lunex Ventures was a good investment that has made more than 720% since it started. Golden Gate Ventures was bought by Play Ventures, which led to the creation of the Play Ventures Fund.

Play Ventures Commits $75 Million For blockchain gaming
Play Ventures Commits $75 Million For blockchain gaming

Moreover, the firm raised $135 million for its Fund 2, whereas its debut fund closed at $40 million in 2019. Earlier in September, Play Venture also launched an $80 million Opportunites Fund.

With the new funding in place, Play-Ventures assets under management now reach $300 million.

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Play Ventures invests $75 million in blockchain technology

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Play Ventures invests $75 million in blockchain technology

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.