Bitkraft VC, an investment platform for esports, gaming, and interactive media, has launched a $75 million token fund to invest in blockchain gaming and digital entertainment.
The fund employs a “stage-agnostic” strategy, which means it will invest in firms and startups at any stage of development. The token fund will invest in cryptocurrencies and nonfungible tokens in addition to stocks (NFT).
Bitkraft got an investment advisor registration from the US Securities and Exchange Commission in June 2021 in order to provide regulated investment possibilities.
Piers Kicks, a founding partner in the investment arm of crypto research firm Delphi Digital, is in charge of the new token fund. Kicks joined Bitkraft early this year to oversee the company’s crypto and NFT investments.
The fund has already closed six investments, including Yield Guild Games (YGG), Immutable, Alethea AI, and Horizon Games, according to Bitkraft.
Kicks told Cointelegraph that both YGG and Alethea are direct token investments. He continued, “We were only allowed to announce the funding after final closing, but we have been actively deploying from it.”
“We employ a chain-agnostic approach and examine each initiative on a case-by-case basis,” Kicks said, despite the fact that the fund has primarily invested in firms based on the Ethereum blockchain. We’re starting to see some intriguing activity on Solana, and we’ll be keeping a close eye on the ecosystem’s early gaming projects.”
By the end of 2022, Bitkraft Ventures‘ founding general partner Jens Hilgers expects the fund to have invested in around 25 more firms.
As of Oct. 1, 2021, the venture capital business had more than $540 million in assets under management, with a portfolio of more than 60 firms across North America, Europe, and Asia.
With several novel use cases for decentralized finance (DeFi) and NFTs, the gaming sector has proven to be ripe for crypto adoption.
Axie Infinity, a blockchain game based on Ethereum, has become one of the most popular NFT games this year, with its native token AXS reaching a new all-time high above $155 on Monday. DeFi Land, a blockchain gamification platform, raised $4.1 million in September to launch a new DeFi game on Solana.