The growth rate of Web3-based crypto games and related platforms has grown rapidly. A once small part of the cryptocurrency sector is now a multibillion-dollar industry with millions of users worldwide. Traditional gamers too have started to shift steadily to this highly rewarding genre of games.
Naturally, they also get involved in the world of cryptocurrencies. Within just the last two years, the blockchain industry has created a foothold as one of the most innovative and revolutionary technologies that could see exponential growth in the coming years. And such opportunities are exactly what top VC firms and similar organizations are always on the hunt for.
Andreessen Horowitz has been very prominent in the financial markets for their investments in various companies within and out of the crypto sector. These companies include huge names like Facebook, Lyft, Airbnb, Coinbase etc. The firm is no stranger to the interior blockchain world too and has previously been a part of several major projects.
Due to its public efforts to help several crypto companies to sustain their major projects, the firm has received much appreciation. This is coming at a time when the industry is suffering from a major correction and an overall bearish sentiment.
a16z- An overview
Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz, commonly known as a16z is headquartered in California. Launched in 2009, the company was quick and wise with the investments it made throughout several years. Due to the same, a16z is currently one of the top VC firms in the world.
The services by a16z extend to not only one or two sectors, but a variety of them ranging from education and social media to gaming and e-commerce. But in recent months, the company has steered more towards and invested large sums into IT companies and crypto organizations or projects.
As of April 2022, a16z manages assets worth more than $28.2 billion.
Web3 may be the future
The investment firm announced its plans and reasons for investing heavily into Web3 projects going forward, following a report that was produced by them recently. The report summarized the benefits of Web3 and ecosystems like Ethereum going forward. They also compared such use of technology with the current sources of communication and commerce.
a16z claimed that despite the popularity and wide network companies like Meta which is a Web2 solution can offer, Web3 projects in the same category were much more economically fairer. It drew the difference between several social media platform payouts to its creators against those who utilized Web3.
The report had a detailed explanation of why the firm believed that Web3 could potential take over its competitors. It talked about Ethereum as a front-running asset, which had grown further due to performance quality and reduced fees. Currently, Ethereum’s native token ETH is sitting at around $1633 with a market cap of more than $198 billion.
Since its introduction into mainstream media more than a year ago, crypto had been hailed as the next big thing after the internet. While major organizations do speculate on it being such a concept, the report by a16z confirmed that they agreed with the opinion. They stated that tech and Web3 shall grow at the pace of the Internet during the internet boom.
It is true that cryptocurrencies and the blockchain sector is being compared to, and is being speculated to be as big as the internet companies grew in the late 90s. This would ultimately also mean that only the top cryptocurrencies and projects with the best fundamentals may survive the current bear market.
One such project that cannot be overlooked is Battle Infinity. Built by a team of experienced tech individuals from India, the platform states to feature the best fantasy sports league within the blockchain space.
The native token for the project IBAT is currently in its presale phase and had already managed to sell more than 1000 BNB worth of tokens within the last week. As a metaverse game with a Web3 connection, this project may be one of the few winners once the bull market is back.