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VC firm Konvoy launches new $150M fund, targets blockchain-based games:
Konvoy Ventures, a gaming venture capital firm, has launched a new $150 million fund. The firm will use the fund to invest in blockchain-based projects and gaming companies. Initially, the company is planning to invest $30 million in 12 to 15 companies.
The new fund will be used to invest in companies that are developing blockchain-based games, as well as other gaming projects. Konvoy Ventures is also planning to invest in companies that are working on non-fungible tokens (NFTs). Further, Konvoy intends to strengthen its position in
North America, Europe, the Middle East, Africa, and South-East Asia. As the blockchain implementation in the gaming industry is still in its early stages, the firm will be focused on investing in companies that have the potential to grow and become leaders in the field.
The investment will help the VC firm to double down on its focus on the blockchain gaming space. Konvoy Ventures has already invested in a number of blockchain-based projects and companies, including Dapper Labs, Enjin, Mythical Games, and WAX.
Konvoy Ventures is not the only VC firm that is focused on blockchain gaming. In 2019, a16z crypto, a venture capital firm focused on the cryptocurrency industry, launched a $300 million fund to invest in blockchain and cryptocurrency-related projects. The firm has already invested in a number of blockchain gaming companies, including Dapper Labs, Decentraland, and Skyweaver.
Reddit announces new blockchain-backed ‘Collectible Avatars.’
Content aggregation platform, Reddit, has announced the launch of a new feature called ‘Collectible Avatars.’ The new feature will allow users to create and trade avatars on the platform.
The avatars will be stored on the Ethereum blockchain and will be backed by non-fungible tokens (NFTs). Reddit plans to launch the new feature in the first quarter of 2023. The avatars will be available to all Reddit users.
The launch of the new feature is in line with Reddit’s recent announcement that it is exploring the use of blockchain technology to create a ‘community-owned’ economy. Earlier this month, Reddit announced that it was partnering with the Ethereum Foundation to examine the use of Ethereum in its platform.
Over this, the company said — “From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces.
In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.”
UNCTAD: Kenya Has Highest Proportion of Crypto-Owning Citizens in Africa
The United Nations Conference on Trade and Development (UNCTAD) has released a new report which looks at the ownership of cryptocurrencies in Africa. The report, titled ‘Cryptocurrencies in Africa: Hype or Hope?’, looks at the use of cryptocurrencies in Africa and the potential impact of blockchain technology on the continent.
The report found that Kenya has the highest proportion of crypto-owning citizens in Africa. 7.1% of Kenyans own cryptocurrencies, followed by Nigeria (5%), South Africa (4%), and Ghana (3%).
The report also found that the majority of Africans are interested in investing in cryptocurrencies. However, a lack of understanding about the technology is preventing many from doing so.
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