Keep an eye on this new Web3 gaming incubation fund

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Jul 31, 2024

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TLDR :

Yesterday DraftKings (DK) announced they’re discontinuing Reignmakers and their NFT marketplace, effective immediately
- This decision came after legal developments where the company got involved in a class action lawsuit last year in March 2023, which now led to their NFTs being labeled as securities
  - Similarly, Dapper Labs had a $4M settlement in June this year
DK is offering a buyout to Reignmakers players in the form of a cash payment. The payment will be based on the size and quality of the card collection you hold
- The question is what the reimbursement for holders will be, as the payout can never be 100% of the current value. I imagine it won’t be pretty for the whales…
Additionally, this seems like a wake-up call for crypto/NFT-based gambling platforms in the US, and I would remain cautious when holding assets

Last week, a new Web3 gaming incubation fund was announced named Gam3Girl Ventures. A team spanning Web2 and Web3 gaming expertise, that is backed by BITKRAFT, Folius Ventures, Mantle, OKX Ventures, and many other VCs
- Reportedly they raised $11M in a Series A raise in May this year
The incubation fund’s strengths lie in a complete suite of Web3 gaming solutions, Web2 to Web3 transitions, their network of advisory and distribution, and their ability to link the East and West
- Since the start of their fund, they have been investing in many projects including Metacene, BOGX, BLOCKLORDS, Party Icons, SonicSVM, and others
Specifically, it seems the team will also focus on incubating Web2 teams that lack the Web3 experience in the Asian, Chinese-speaking regions

After announcing long-term maintenance in April this year, Stella Fantasy (SF) announced they would terminate the game on the 31st of July, last week
- SF is a Genshin Impact-like gacha game that has been in development since 2021, developed by Ring Games
- The reason for the game’s closure wasn’t stated but likely has to do with its inability to be profitable or hit business goals
Lastly, it’s important to mention this doesn’t mark the end of Ring Games, as the studio is already working on other projects wherein the SFTY token can be utilized