Andreessen Horowitz Debuts $600 Million Gaming Fund – Web3 Bets

The interesting and exciting moves in the crypto space continue these days, despite the massive disaster that took place following Terra (LUNA) tragedy that tumbled the whole market. Check out the latest reports below.

It’s been reported that the Silicon Valley venture-capital firm Andreessen Horowitz debuted a $600 million fund dedicated to gaming startups.

This way, the company is stepping up its bets on so-called Web3 technology just as a broader market decline underscores the volatility of the cryptocurrency-based sector.

WSJ notes that “The venture firm, known as a16z, said Wednesday the fund is its first dedicated to the games industry, pointing to the billions of dollars in annual revenue that hit games such as “Fortnite” and “Minecraft” generate. ”

It’s been also reported that the fund extends a16z’s years-long practice of backing gaming startups and builds on its strategy to deploy billions of dollars into Web3 technologies.

“Web3 refers to a new iteration of the internet, with products and apps that are built on the blockchain, include the exchange of cryptocurrencies or tokens, and at times are housed in a virtual world, dubbed the metaverse,” WSJ explained to its readers.

We suggest that you check out the complete article in order to learn more about the issue.

It’s also important to note the fact that Wall Street Journal writing this specific piece is showing that they want to educate their readers on crypto even more. This is extremely important for crypto mass adoption.

Earlier today, we addressed the fact that inflation has been on the rise for a really long time now, and this doesn’t seem to be getting better at all. Check out the latest terrifying reports coming from Bank of England.

NEW: Bank of England warns that inflation could hit 10% resulting in “apocalyptic” consequences this year.

HODL #bitcoin ✊

— Bitcoin Magazine (@BitcoinMagazine) May 17, 2022

Stay tuned for more news from the crypto space.