Gala Games Establishes $100 Million Fund for Blockchain Gaming
Gala Games Establishes $100 Million Fund for Blockchain Gaming
The blockchain gaming and Metaverse phenomenon continues to gain momentum. Large corporations, cryptocurrency funds, and major projects are increasingly focusing on this booming sector of the crypto market.
On the evening of December 13, Gala Games (GALA), a blockchain gaming platform, announced its participation in the C2 Ventures investment fund to develop a $100 million fund aimed at building electronic games, Metaverse, and blockchain technology applications.
Gala Games is among the leading developers of blockchain games today, with upcoming titles such as Legacy, Mirandus, Town Star, and The Walking Dead Empires.
C2 Ventures is a newly established investment fund led by Ciara Sun, former Chief Investment Officer of Huobi Exchange.
James Olden, Gala Games' Strategic Director, explained:
"As a burgeoning discipline, blockchain gaming seeks a clear and continuous growth path to become accessible to the public.
Through the new fund we've organized in collaboration with C2 Ventures, we aim to empower new developers to create blockchain games that attract hundreds of thousands of consumers worldwide."
In addition to providing financial support, Gala Games and C2 Ventures' investment fund will share valuable experience with projects on developing NFT release strategies, tokenomics, in-game economies, sustainable play-to-earn models, marketing, and community building.
Ciara Sun of C2 Ventures and James Olden of Gala Games.
Furthermore, Gala Games revealed that they have selected Huobi Global Exchange as their primary cryptocurrency exchange partner. Huobi Global will leverage its expertise to advise Gala on marketing, community building, and other core components of Web3 growth, collaborating closely with the team to streamline future token listings.
Ciara Sun remarked:
"During my time at Huobi, I gained insights into working on new projects and bringing them to market. We look forward to Gala Games standing by our side as a trusted collaborator in discovering and nurturing the next great blockchain game project and helping them build a global community."
Gala Games and C2 Ventures are betting on strong growth surrounding games and cryptocurrencies. Newzoo predicts global game revenue to reach $200 billion by 2024, with companies betting that blockchain will enable new games where players can own the items they purchase.
Gala Games recently listed the Gala token on Huobi Global in November 2021. Web3 is a term used to describe a decentralized internet built on a blockchain, a secure and transparent digital ledger.
The cryptocurrency sector in general, and NFT/gaming/Metaverse in particular, has seen a constant influx of large investment funds.
Alongside multi-billion-dollar stimulus packages and ecosystem development funds from blockchains, notable players in the industry have shown substantial investment initiatives:
Enjin established a $100 million fund to develop the Metaverse within its ecosystem.
Animoca Brands is developing a Metaverse for K-pop.
TRON launched a $100 million fund for NFTs.
FTX/Solana set up a $100 million fund to develop blockchain games.
KuCoin established a $100 million fund to invest in games/Metaverse.
Chromia/My Neighbor Alice/Mines of Dalarnia created an $80 million fund to develop the Metaverse.
TIME magazine launched a dedicated section for the Metaverse.
Hashed investment fund set up a $200 million fund to develop Web3 applications.
Animoca Brands/Binance Smart Chain established a $200 million fund to develop GameFi.
These initiatives reflect the industry's commitment to driving innovation and growth within blockchain gaming and the broader digital economy.
