Venture capital firm Andreessen Horowitz has launched a $600 million fund geared towards gaming startups in Web3 technology.
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The company announced that the new fund would be the first to focus on the gaming industry, citing the billions in revenue that its portfolio, like Fortnite and Minecraft bring in.
Web3 is a new generation of the internet featuring products and applications based on a blockchain comprising the exchange of cryptocurrencies and virtual space.
The capital investors have expressed optimism about the technology in the virtual reality gaming sector, saying it is the basis of the foundation of the Web3 industry.
Games infrastructure technologies will be a crucial block of the metaverse, an opportunity that surpasses the existing $300 billion traditional gaming industry.
Andreessen Horowitz has been rooting for Web3, with the most recent funds aiming to boost the startups in the cryptocurrency space.