Tuesday, November 28, 2023

Mechanism Capital announces the launch of a $100 million ‘play-to-earn’ gaming fund.

Mechanism Play is a fund raised exclusively for investments in P2E gaming ventures. The Mechanism Play is a $100 million fund that has been raised by Mechanism Capital.

The fund was initially raised in Aug 2020. The fund initially aimed to focus on Decentralized Finance. However, after the firm tasted a series of successes in the P2E space, it decided to switch back to P2E investments. Among its big successes was Star Play – a metaverse platform. On P2E, its successful investments were in ember sword and YGG.

Speaking to CoinDesk, the head of platforms at Mechanism Capital said that ‘play to earn’ should soon be rebranded as ‘play and earn’. The fund believes that it is necessary to support the games that people want to play. This should be the fund’s focus – beyond the crypto incentives.

Mechanism Play believes that mobile gaming is poised for enormous growth. The fund has hired a new partner in Steven Cho. He previously worked at Apple. His role at Apple involved gaining a better understanding of NFTs and blockchain gaming. The need to better understand this space was driven by the requirements of the app store.

Mechanism Play is not interested in merely funding gaming firms. The fund has a larger objective in mind – it wants to enter into partnerships with studios and develop games.

Of late, there has been a lot of activity witnessed in the P2E space. Several funds focused on the gaming space have been launched. Some examples are – Gala games has launched $100 million fund, Solana ventures a $150 million fund and Hashed has launched a $200 million fund.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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