The venture capital fund recently committed $ 450 million to invest in seed-stage companies.
Venture capital firm NFX has launched a crypto gaming initiative to transfer seed and seed funds into the hands of the founders within nine days.
Earlier this week, NFX announced a $ 450 million investment in seed-stage companies. General Partner (GP) Morgan Beller teased that the foundation would do “something cool in games.”
NFX pushed its money into the business on Thursday, launching six FAST initiatives (focused on founders, focused on applications, software, and transparency) that span a range of industries. The group is looking for founders who “bring gaming and web3 / crypto / NFT in a new way,” the site says.
NFX has committed $ 20 million for this FAST batch and funds are provided on a first come, first served basis.
Why should founders apply for FAST funding instead of a more traditional fundraising round? FAST offers “speed and simplicity, and the ability to use NFX on your team,” said James Carrier, co-founder of NFX and GP.
The new FAST initiative ties together the gaming experiences of the two founders of NFX, Currier’s early penetration into the crypto industry, and the addition of a new GP with deep crypto connections.
Carrier was previously the co-founder and CEO of social gaming company WonderHill, which merged with Kabam in 2010. Co-founder of NFX and GP, Gigi Levi-Weiss previously served as CEO at 888 Holdings, an online gambling company and invested in Playtika, a mobile games company.
Beller, co-creator of Facebook Libra (now Diem), joined NFX as a GP in September 2020 and has taken an increasing interest in the crypto-gaming space.
She tweeted yesterday that gaming is likely to become the “drug” that will bring the next billion people to the decentralized web.
For a while, I thought wallets/stablecoins were going to be what onboarded the next 1B people into web3. Increasingly, it seems that the real gateway drug will be gaming. With that, if you’re building (or even thinking of building) anything in this world…https://t.co/USC6cCLUAD https://t.co/ReV5bOtvPq
– Morgan Beller (@beller) October 7, 2021
When asked about the most exciting opportunities in crypto gaming, Beller told CoinDesk that “players are finally coming to web3, so the quality of the games you see will be higher.”
Decentralized Finance (DeFi) is on the NFX shortlist of future FAST sectors and Beller says this may not be the end. “Stay tuned for more information on cryptocurrencies and Web3 FAST,” she said.
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