Huobi Ventures’ cryptocurrency exchange dedicated investment arm in a bid to combine digital assets and gaming has established a $10 million fund to invest in early-stage GameFi businesses.
The fund will make direct investments in initiatives that combine blockchain gaming with decentralized financial infrastructure. Users can earn dividends using GameFi’s business methods, which include “play to earn” features.
Huobi Ventures allocated a $100 million fund to DeFi initiatives focused on asset management, according to Cointelegraph on Aug. 5. Huobi Group, its incubator program, Huobi X Center, and Huobi Eco Chain will fund and support the projects selected for Huobi’s investment (HECO).
Huobi will also provide PR help, financial and legal guidance, technical support for project deployment, and commercial aid to the investee firms and projects.
Huobi Ventures director Unica Yin told Cointelegraph that the gaming industry’s play-to-earn model has experienced stratospheric growth:
“We think that going forward, blockchain technology has the potential to revolutionize gaming business models and will play a core role in the next generation of games.”
Huobi Ventures has so far opened three funds: one for blockchain technology, one for HECO Ecology, and one for nonfungible tokens (NFT). Huobi’s investment fund, Yin hopes, will aid in the development of important GameFi projects.
She stated, “We will provide support and resources to help these projects scale and make use of the Huobi Group’s ecosystem.”
Crypto Gaming United, an NFT-focused gaming community, raised $5 million in seed funding from oversubscribed investors as the play-to-earn concept in DeFi gaming gains traction.
DeFi Land, a blockchain gamification platform, announced on Thursday that it has received $4.1 million in funding to launch a new DeFi game on the Solana blockchain.
