Galaxy Interactive, the venture capital division of Galaxy Digital headed by Mike Novogratz, continues its conquest of metaverses. Indeed, after having invested heavily in the Republic Realm metaverse, the company will be able to consolidate its position in the field of digital entertainment via blockchain.
Galaxy Interactive raises $325 million
On Oct. 19, Galaxy Digital announced that its subsidiary Galaxy Interactive had just completed a $325 million fundraising round. The metaverse-focused venture capital firm attracted more than 70 investors in the funding round. According to the same announcement, $150 million has already been invested in new companies specializing in artificial intelligence, gaming or non-fungible tokens (NFT). To name just a few, Republic, 1047 Games and Art Blocks have joined the Galaxy Interactive portfolio.
Moreover, Mike Novogratz insisted on the fact that the co-founders of Galaxy Interactive (Sam Englebardt and Richard Kim) were avant-gardists by detecting the potential of these sectors very early:
“They were the first to knock on my door, insisting that games and digital objects – even before they were called NFTs – would provide the biggest opportunity for blockchain technology to evolve, and that Galaxy Digital needed to specialize in this space.”
Finally, Sam Englebardt believes that the focus should be on NFTs and the concept of digital property first. Indeed, he sees this as a necessary step in building the foundation for developing a true metaverse.
The success of blockchain-based games
It should be noted that the sector of blockchain-based games is booming. Indeed, many crypto startups have favored this path to stand out from the crowd. As an example, Axie Infinity stood out by developing a game on blockchain that includes NFT. It has thus paved the way for blockchain, play-to-earn games.
Then, more recently, Bitkraft Ventures another gaming-focused venture capital fund, announced to allocate $75 million to investments in blockchain games and more generally in digital entertainment. Moreover, Bitkraft has everything to become a fundamental player in this part of the cryptosphere. Indeed, the company is already doing everything possible to be irreproachable from a regulatory point of view. For example, it has already received approval from the Securities Exchanges Commission (SEC) to register as an investment advisor.
Gamification is unquestionably in vogue and especially in the decentralized finance (DeFi) sector. Solana (SOL) has also gotten in on the act by launching DeFi Land, a play-to-earn hosted on the blockchain of the same name.
