Early Terra investor to launch fund for GameFi investments

Hashed, a blockchain company known as one of the victims of the Terra collapse, plans to launch a new fund focused on investments in GameFi-startups. In an interview with Bloomberg, founder Simon Seodjun Kim said.

The third fund is set to launch in the first half of 2023. By that time, resources in the second fund of 240 billion won (~$180 million) with a similar focus will be exhausted.

The firm is known for its investments in The Sandbox and Sky Mavis, owner of the game Axie Infinity.

In 2021 Hashed participated in Terra’s $25 million investment round. At its peak the firm’s 30 million tokens of the project were valued at $3.5 billion. A top executive confirmed that he held 99% of the stake until the collapse.

According to Kim, the hit did not affect his faith in the industry. He does not plan to slow the pace of investments.

“There is no such thing as a portfolio guaranteeing success in the tech sector. We base our approach on this. We believe in the growth of the community and have never doubted it,” — he explained.

Kim forecasted greater interconnection between the virtual gaming world and the real economy. According to him, this will occur thanks to NFTs—users will be able to claim items they purchase in apps. This could create “a huge number of jobs as assets are exchanged between the virtual and real worlds,” the expert added.

PitchBook notes that from April to June venture investments in crypto startups fell by 31%.

Earlier, Andreessen Horowitz launched a fund of $600 million for investments in games and the metaverse.

Prior to that, Haun Ventures, led by former general partner at a16z Katie Haun, attracted $1.5 billion in two crypto funds with a similar focus.

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