Singaporean publisher of web3 intellectual property and games Mon Protocol announced a new investment fund, Mon Ventures.
It will invest globally in startups developing blockchain games and gaming infrastructure. Such games allow players to make in-game purchases or receive payment with cryptocurrencies and other digital assets.
Mon Ventures is led by senior executives from established video game and entertainment companies including Ubisoft, Sony and Electronic Arts. It will target companies at the seed stage. 500 Global, a multi-stage VC firm with $2.4bn in assets under management, is the lead investor.
Corporate investment in crypto surged in the first quarter of 2024, with companies across sectors investing in blockchain and cryptocurrencies.
Blockchain gaming has been around since 2017 and started to gain more attention after the crypto boom of 2021. MarketsandMarkets, a market research company, forecasts revenues in the sector to grow to $65.7bn by 2027.
