The cryptocurrency industry is in crisis, but investors like Konvoy Ventures still see potential. The gaming-focused VC firm has raised $150 million for a new fund, which it plans to announce Wednesday. It will aim to spend about 20% to 30% of that money on blockchain and crypto-related games.
Konvoy Ventures, founded in 2018 by brothers Josh and Jason Chapman and their childhood friend Jackson Vaughan, has already made big bets on blockchain technology. The Denver-based firm backed Sky Mavis, the developer of Axie Infinity, a virtual world where players breed and battle monsters attached to nonfungible tokens — one of the best-known blockchain games, and one of the most controversial. The firm also invested in Genopets, a game where players will be able to grow and evolve an NFT pet through real-world physical exercise, and Ready Player Me, a platform for designing virtual avatars that can wear NFTs.