Play Ventures sets up blockchain gaming fund with $75 million committed

Gaming VC firm Play Ventures is venturing into the blockchain gaming world with the launch of a new fund called Play Future Fund. 

The new fund has $75 million in commitments and will be dedicated to investing in projects that combine gaming with blockchain technology — potentially even the much-buzzed metaverse.

“Web3 and play-and-earn will fundamentally disrupt the way games are designed, played and experienced. Open public blockchains provide a blank canvas for innovators not seen since the inception of the internet,” said the firm in a statement.

Based in Singapore, Play Ventures focuses on early-stage investments into gaming companies. It was launched in 2018 and has typically invested in startups outside of the blockchain ecosystem.

Kenrick Drijkoningen, general partner at Play Ventures, will run the new fund. He has been investing in gaming companies since 2012 and previously ran Lunex Ventures, a blockchain and cryptocurrency fund.

The blockchain gaming fund has already invested in a few companies, including NFT borrowing and lending protocol ReNFT and GuildFi, a decentralized organization providing access to play-to-earn games like Axie Infinity.

The commitments to the new fund bring Play Ventures’ assets under management to $300 million.