Game Developer Akatsuki Announces $20 Million Web3 Fund

Japan-based gaming and entertainment company Akatsuki has announced that it has raised a $20 million fund it calls ‘Emoote’.  But according to the Wednesday announcement, the fund will only be committed to bolstering web3 projects.

Akatsuki to Support NFTs, GameFi, and Metaverse Projects

According to Akatsuki, a large portion of the $20 million fund Emoote, will be used to assist startups. But eligible startups must operate in the area of non-fungible tokens (NFTs), GameFi, and the metaverse. The remaining portion, however, will be used to intensify the firm’s efforts in support of the Japanese entertainment industry.

Interestingly, Emoote was coined from the word “emotional,” indicating how NFT adoption has always been based on the “emotional values” of all concerned with it.

For what it’s worth though, Akatsuki is not exactly new on the investment scene. In fact, so far, the firm has invested in no less than 20 crypto-based startup projects. One of such is move-to-earn startup Stepn.

Expansion Moves in Top Gear

Meanwhile, the $20 million fund by Akatsuki is also part of its efforts to widen its reach across the globe. While about 50% of Emoote will be focused on startups within Asia, about 40% will be invested in the United States, and the remaining then funneled to other regions.

Akatsuki remains a top game developer. It has managed to remain a Tokyo-listed business since it was first incorporated back in 2010. However, the firm gained global recognition among the gaming community when it teamed up with Bandai Namco Entertainment to co-develop Dragon Ball Z: Dokkan Battle. Impressively, the title soon became a hit, and as of May 1, has garnered over 350 million downloads worldwide.

Emoote follows several other investors having a keen interest in the potential of hitting a jackpot with web3 projects. Recall that in early May, venture capital (VC) firm Andreessen Horowitz also launched a $600 million fund in a similar manner.

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