a16z is set to invest $75 million in web 3 gaming startups.
Leading venture capital firm Andreessen Horowitz (a16z) is confident in the Web3 gaming industry, announcing a significant increase in funding for promising startups. With a total of $75 million now earmarked for investment, a16z is providing $750,000 in the third tranche of its SPEEDRUN fund to selected projects.
SPEEDRUN from a16z games is the first level accelerator for beginners. Startups selected for the a16z SPEEDRUN fund will receive more than financial support.
You'll gain access to a16z's extensive network of industry experts, strategic guidance and invaluable mentoring opportunities. With all this support, these startups will greatly increase their chances of success in the competitive web3 gaming industry.
a16z's latest investments fund Mark Hope in the Web3 game industry
Andrew Chen, general partner at a16z games, oversees the initiative and allocates $ 30 million of the total investment.
“We are investing in the intersection of TECH x GAMES, which means AI/infra, 3D tools, VR/AR, web3 games, gamified consumer apps and more,” Chen wrote.
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This year's SPEEDRUN program will be held from July 29, 2024, to October 20, 2024, in Los Angeles, USA. Startups interested in joining the program are encouraged to register before May 19, 2024.
The timing of 16z's investment is noteworthy, coinciding with renewed interest and investment in the Web3 gaming sector. Earlier in January 2024, Immutable, Polygon Labs and King Capital launched a $100 million Web3 gaming fund called “Immortal Gaming Fund” (IGF).
This joint move demonstrates a broad industry consensus on the strategic importance of blockchain technologies in shaping the future of gaming.
Additionally, research from CoinGecko shows that more than 70% of top game studios are actively investing in Web3 game ventures. Although this shows the future potential and promise behind the web3 gaming industry, CoinGecko sees some challenges that may lie ahead.
Read more: Top 7 Metaverse Games to Play in 2024
According to CoinGecko, several key new issues are blockchain killer product discovery, player-oriented rewards, market expansion, and regulations and compliance.
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