Framework Ventures, a crypto-focused venture capital firm, announced last night that it has raised $400 million for a new fund.
In a statement, the Framework said that half of the new capital, around $200 million, will be deployed to the “growing blockchain gaming space.”
That particular focus on gaming builds on momentum seen across industry deals in recent months. As The Block noted in November, the gaming space — the intersection of decentralized technology and peer-to-peer interaction — has attracted notable investments, including $725 million raised by Forte and $150 million raised by Mythical Games, among others.
Currently, Framework Ventures’s portfolio includes Aave and Chainlink, and their gaming-focused investments include Illuvium, a play-to-earn studio that raised $5 million last year.
“I believe the next phase of the blockchain industry will be all about introducing new users, and we think gaming is by far the biggest investment opportunity,” said co-founder Michael Anderson.
“Convergence models with triple-A games are really fun to play, we expect explosive growth for this sector. “
As stated in a report from The Block Research last year, blockchain gaming is increasingly seen as a parallel to virtual world experiences. Attempts to fund projects focused on the so-called Metaverse have also increased among venture capitalists.