Japanese Mobile Gaming Firm Akatsuki Announces $20M Web3 Fund

Japanese mobile gaming and entertainment firm Akatsuki announced Wednesday that it has raised a $20 million fund to focus on investing in web3 projects. Dubbed Emoote, the corporate venture capital fund will look to back startups working in GameFi, non-fungible tokens (NFTs), and the metaverse. Its investment focus is 50% in Asia and 40% in the United States, with the remainder of funds being channeled towards other regions. Since its establishment last year, Emoote has invested in more than 20 projects including STEPN, a move-to-earn lifestyle app with a fully diluted valuation of $20 billion in April, and BreederDAO, a GameFi NFT firm that creates and sells NFTs to game guilds which have counted Andreessen Horowitz and Delphi Digital as co-lead investors. “We believe that digital fashion is likely to surpass physical fashion as a business as people increasingly spend more time in the virtual world not only with entertainment that includes games but also with other digital activities such as social media and metaverses – where physical constraints are removed,” it said. Akatsuki is a Tokyo-listed business first incorporated in 2010. It gained a global presence for co-developing the hit title Dragon Ball Z: Dokkan Battle with Bandai Namco Entertainment. The title has earned over 350 million downloads worldwide as of May 1.The post Japanese Mobile Gaming Firm Akatsuki Announces $20M Web3 Fund appeared first on Cryptoknowmics-Crypto News and Media Platform.