Crypto Gaming Will ‘Bring 100 Million People Into Web3’: Co-Founder of Framework Ventures
by Arthur · September 29, 2022
The crypto market may be in its tenth month of downtrend, but for Michael Anderson, the co-founder of Framework Ventures, this time represents possibly the best opportunity to invest in new startups and projects.
Framework Ventures entered the scene in 2019 in the middle of the previous bear market, and such conditions, according to Anderson, “are the best time to build.”
“The best entrepreneurs in the space are coming right now,” Anderson shared Decrypt at last week’s Mainnet conference. “We were fortunate to have launched our last fund, we’re very actively investing right now and we’re very excited about everything we’re seeing.”
In April, Framework Ventures secured $400 million for its third fund, FVIII, with half of that amount earmarked for investments in blockchain-based gaming, which, as the firm said at the time, will be “one of the largest forms of employment in the world. “
Framework long crypto gaming
Six months later, Anderson still believes this is the case.
“Gaming, in our minds, is the category that’s going to bring a hundred million people into Web3. They’re going to have wallets, they’re going to have Web3 addresses, and that’s the consumer adoption we’ve been waiting for, he said.
When talking about the role non-fungible tokens (NFTs) could play in the future of blockchain gaming, Anderson said there are two aspects to consider.
The first is that NFTs are largely built on Ethereum’s Proof-of-Work (PoW) chain, and the situation has changed following the network’s transition to Proof-of-Stake (PoS).
Pont number two, according to Anderson, is that the business model for gaming has largely been heading towards a defund state, especially when it comes to advertising. Game developers are now looking at blockchain and the monetization opportunities the new technology provides.
“They say this is a new interesting platform to build on — potentially even the only platform to build on,” Anderson said.
Last week, Framework Ventures also led a $24 million Series A funding round for Immunefi, a bug bounty system for smart contracts and decentralized finance (DeFi) projects.
According to Anderson, Immunefi has a team of “world-class security specialists,” and security is one of the most important components of Web3.
“I think we can look at Immunefi in five or seven years and think of it as one of the largest security providers in the Web3,” he said.
