{"id":10207,"date":"2022-04-19T23:59:24","date_gmt":"2022-04-19T23:59:24","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/framework-ventures-allocates-half-of-400m-fund-to-web3-gaming\/"},"modified":"2022-04-19T23:59:25","modified_gmt":"2022-04-19T23:59:25","slug":"framework-ventures-allocates-half-of-400m-fund-to-web3-gaming","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/framework-ventures-allocates-half-of-400m-fund-to-web3-gaming\/","title":{"rendered":"Framework Ventures allocates half of $400M fund to Web3 gaming"},"content":{"rendered":"

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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 (DeFi) industries.\u00a0<\/p>\n

The completed raise will go towards \u201cFVIII,\u201d 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. <\/p>\n

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. <\/p>\n

Like DeFi in 2020, gaming and Web3 have been identified as the next major growth plays for the blockchain industry. Axie Infinity \u2014 a popular play-to-earn game constructed around collecting digital pet avatars called Axies \u2014has provided a solid use case for this emerging paradigm. According to blockchain analytics platform Nansen, there are currently 2.8 million unique addresses holding 11.1 million Axies. <\/p>\n

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Web3 and NFTs stole the show at SXSW 2022, while BTC and cryptocurrency enjoyed very little focus. https:\/\/t.co\/e38F0Hifon<\/p>\n

\u2014 Cointelegraph (@Cointelegraph) March 21, 2022<\/a><\/p><\/blockquote>\n

As Cointelegraph reported, Web3 is also fostering the continued growth of the nonfungible token market by giving creators the ability to create NFTs with actual use cases inside virtual ecosystems.<\/p>\n

Related: <\/em><\/strong>An open invitation for women to join the Web3 movement<\/em><\/strong><\/p>\n

Venture funds and other smart money investors have been keen to back Web3 development companies. On Tuesday, Cointelegraph reported that KuCoin ecosystem companies had launched a $100 million Web3 developer fund focusing on NFT projects. Separately, crypto exchange CoinDCX has raised $135 million to support India-based Web3 projects.<\/p>\n

Beyond the blockchain industry, it’s believed that the play-to-earn model could have a significant impact on the future of gaming. Myspace co-founder and former CEO Chris DeWolfe told Cointelgraph that the business model of play-to-earn gives players more control over their in-game experiences.\u00a0\u00a0<\/p>\n<\/div>\n