Bitkraft VC, an e-sports, gaming and interactive media investment platform, has created a $ 75 million token fund to invest in blockchain gaming and digital entertainment.
The fund uses a “phase neutral” strategy, which means that it will invest in companies and startups at all stages of business development. In addition to investing in stocks, the token fund will also invest in cryptocurrencies and non-perishable tokens (NFTs).
To provide regulated investment opportunities, Bitkraft received investment advisor registration from the US Securities and Exchange Commission in June 2021.
The New Symbols Fund is led by Pierce Kix, co-founder of the investment arm of crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this year to spearhead the company’s investment activities in crypto and NFT.
Bitkraft reports that the fund has already closed six investments, including projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Kix told Cointelegraph that both YGG and Alethea are direct tokens. “We were able to announce funding after the last closure, but we were actively distributing it,” he added.
While the fund has mostly invested in startups built on the Ethereum blockchain, Kicks said, “We take a chain-neutral approach and evaluate each project on a case-by-case basis. We are starting to see exciting activity in Solana and will be keeping a close eye on early game projects ”in this ecosystem.
Related Topics: Axie Infinity Developer Raised $ 152 Million in Investments from Series B Investors
According to the founder of Bitkraft Ventures Jens Hilgers, by the end of 2022 the fund intends to invest in about 25 more companies. As of October 1, 2021, the venture capital firm manages more than $ 540 million, and the portfolio includes more than 60 companies in North America, Europe and Asia.
The gaming industry is ripe for cryptocurrency adoption and there are many new uses for Decentralized Finance (DeFi) and NFT. Blockchain game Axie Infinity has become one of the most popular Ethereum-based NFT games this year, and its original AXS token hit a new all-time high above $ 155 on Monday. In September, blockchain platform DeFi Land raised $ 4.1 million to launch a new DeFi game on Solana.