Leading venture capital firm Andreessen Horowitz (a16z) is boldly confident in the Web3 gaming industry, announcing a significant increase in funding for promising startups. With a total of $75 million now earmarked for investment, a16z is offering $750,000 to each selected project in the third installment of its SPEEDRUN fund.
SPEEDRUN is an early-stage accelerator for startups from a16z Games. Startups selected for the a16z SPEEDRUN fund will receive more than financial backing.
This year’s SPEEDRUN program will run from July 29, 2024, until October 20, 2024, in Los Angeles, US. Those startups who are interested in joining the program are encouraged to enroll before May 19, 2024.
The timing of a16z’s investment is particularly noteworthy, coinciding with a renewed surge of interest and investment in the Web3 gaming sector. Earlier in January 2024, Immutable, Polygon Labs, and King Capital the “Inevitable Games Fund” (IGF),” a $100 million dedicated Web3 gaming fund.
This collective movement signals a broader industry consensus on the strategic importance of blockchain technologies in shaping the future of gaming
Furthermore, research from CoinGecko reveals that more than 70% of the top gaming studios are actively investing in Web3 gaming ventures. Although this shows the future potential and promise behind the Web3 gaming industry, CoinGecko noted some potential challenges ahead.
