Gala Games, a blockchain-gaming platform, and crypto investment firm C2 Ventures have formed a $100 million fund to invest in play-to-earn games, metaverse environments and other projects built using blockchain technology.
Gala Games said the fund will invest in game developers and decentralized gaming projects.
C2 Ventures is a crypto investment firm founded by the former head of blockchain investments at Huobi Global, Ciara Sun.
“Through our new fund with C2 Ventures, we aim to support a new class of developers who can build genuinely entertaining games powered by blockchain technology,” James Olden, chief strategy officer at Gala Games, said in a statement.
Gala Games said it appointed Huobi Global as a partner in an advisory role when it comes to projects on marketing and Web 3.0 growth. The crypto exchange will also work with teams on future token listings.
Global gaming revenue is expected to reach $200 billion in 2024, according to e-sports analytics firm Newszoo, the companies said.