Esports investment platform Bitkraft VC has set up a $ 75 million token fund to invest in blockchain games and digital entertainment.
The fund pursues a “phase-independent” strategy, which means that it invests money in companies and start-ups at every stage of business development. In addition to equity investments, the token fund will also invest in cryptocurrencies and non-fungible tokens (NFTs).
In order to be able to offer regulated investment opportunities, Bitkraft received registration as an investment advisor from the United States Securities and Exchange Commission in June 2021.
The new token fund will be led by Piers Kicks, a founding partner in the investment arm of the crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this year to lead the company’s investment efforts in crypto and NFTs.
Bitkraft said the fund has already completed six investments, including projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Both YGG and Alethea are direct token investments, Kicks told Cointelegraph. “We weren’t able to announce the funding until it was finalized, but we’ve actively used it,” he added.
While the fund has mainly invested in startups built on top of the Ethereum blockchain, Kicks said, “We take a chain-independent approach and evaluate each project on a case-by-case basis. We are seeing some exciting activity on Solana and will be closely monitoring early gaming projects in this ecosystem. ”
Related: Axie Infinity developer secures $ 152 million Series B funding from investors
According to Bitkraft Ventures’ general partner Jens Hilgers, the fund intends to invest in around 25 more companies by the end of 2022, with a portfolio of more than 60 companies in North America, Europe and Asia.
The gaming industry has proven ripe for the adoption of crypto with many new use cases for decentralized finance (DeFi) and NFTs. The blockchain game Axie Infinity has become one of the most popular Ethereum-based NFT games this year, with its native token AXS hitting a new all-time high of over $ 155 on Monday. In September, blockchain gamification platform DeFi Land raised $ 4.1 million to launch a new DeFi game on Solana.