On June 1, Akatsuki, a Japanese entertainment and gaming company, announced that it has secured $20 million for a fund that would invest in web3 initiatives. The gaming firm is betting big on Web3 development with the investments. The gaming company reveals that the fund, named Emoote, would aim to finance entrepreneurs working on projects in GameFi, non-fungible tokens (NFTs), and the metaverse.
The fund will also focus on cooperating with Japanese entertainment and other media organisations. According to Akatsuki, incentive economy is a major driving element in web3. The business also thinks that NFT consumption based on “emotional values” is a critical mechanism for providing the drive that will enable the sector to achieve long-term growth through tokenomics. Furthermore, Akatsuki believes that web3 will result in an even bigger increase in the number of creators.
Prior to this disclosure, Emoote has been functioning as a subsidiary in Singapore since the second half of 2021. Emoote has invested in more than 20 web3 startups since September 2021, focused on early-stage financing, which includes seed funding, mostly in Asia (50%) and the United States (40%). Smart contract developer EthSign, GameFi NFT platform BreederDAO, play-and-earn metaverse High Street, and the popular move-to-earn app Stepn are among Emootes’ significant investments thus far. Emoote will continue to invest in web3 businesses as well as more niche sectors such as web3 IP development and digital fashion in the future.
Akatsuki has a long history in the gaming business, particularly in the mobile space. It rose to prominence after collaborating with Bandai Namco on the smash hit Dragon Ball Z: Dokkan Battle, which has racked up over 350 million downloads worldwide. With Emoote, the firm now hopes to achieve the same degree of success in the realm of web3. Previously, the company has also invested in various crypto-related initiatives. It has backed more than 20 early-stage companies, including Stepn, a quickly expanding move-to-earn platform.
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