Venture capital firm Andreessen Horowitz has announced the creation of a new $600 million fund focused on the development of the metaverse and improving the user experience in this industry.
Andreessen Horowitz (a16z) reported, which plans to expand its presence in the gaming industry and make the industry one of its key areas. GAMES FUND ONE will invest in game studios, infrastructure and user experience improvements, as well as attract new developers.
“Games have undergone a radical transformation over the past ten years, moving from mere entertainment to online services that are more like social networks and scale like consumer technology companies,” the statement said.
Eminent investors such as Roblox founder David Baszucki, Riot Games co-founder Marc Merrill, Blizzard co-founder Mike Morhaime, Discord founder Jason Citron and others have joined the fund.
a16z is building on the success of games such as Minecraft, Fortnite and League Of Legends, which have huge fan bases around the world. These games are constantly updated online services where players are an integral part of the community. In fact, such games have become multifunctional interactive social networks.
The company said in a statement that games have the potential to drive innovation across the entire consumer ecosystem by introducing better engagement, retention and monetization mechanisms. Earlier, Andreessen Horowitz launched the a16z Crypto Research Lab, focused on digital currency and Web3 research.
Source: Bits
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