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The fund will invest and incubate GameFi and NFT projects over the next three years.
TRON Foundation Backs GameFi
TRON Foundation is launching a GameFi fund.
The company will invest $300 million into GameFi and NFT-focused protocols built on the TRON platform over the next three years.
GameFi is an umbrella term referring to the gamification of finance and the rise of blockchain-native play-to-earn games. It’s often discussed interchangeably with NFTs, provably scarce unique assets that live on a blockchain and can be used to tokenize music, digital art, and other forms of content.
The TRON Arcade fund is founded in collaboration with APENFT and WINKLink and represents one of the biggest funds in its category. Commenting on the move, TRON founder and CEO Justin Sun said:
“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in […] TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”
TRON’s planned move into the GameFi space comes at peak hype time for blockchain-based video games. The indisputable market leader is the Ethereum-based video game Axie Infinity, which recently hit 1 million daily active players, recorded $1.1 billion in NFT sales, and reached an all-time high market valuation of over $3.1 billion.
The fund’s primary goal is to boost the growth of the GameFi and NFT sectors within the broader TRON ecosystem.
APENFT is a crypto project committed to registering world-class artworks as NFTs. WINKLink, meanwhile, is the first decentralized oracle providing TRON smart contracts with reliable real-world data feeds.
The two projects are already working on a joint prototype product scheduled to be completed in Q3 and made available in Q1.