Pantera Capital has invested in GAMEE, a subsidiary of Animoca Brands and the mobile gaming platform behind the WatBird game.
GAMEE, a blockchain gaming firm, developed WatBird as a Telegram Mini App to introduce the messaging app’s users to Web3 through fun, meme-inspired gameplay.
Pantera Follows TON to Back GAMEE
Animoca Brands, the gaming giant, disclosed the investment in a Wednesday press release. The statement indicates that GAMEE will use the funds to expand its presence on The Open Network (TON) through WatBird. The initiative aligns with GAMEE’s goal to strengthen its footprint within TON ecosystem by introducing its gaming experiences to that blockchain.
GAMEE currently boasts over 90 million registered users and has facilitated more than 10 billion gameplay sessions across various platforms. Notably, over 4 million GAMEE users have already linked their TON Wallets to WatBird. Pantera Capital, which manages over $5 billion in assets, has become the first US institutional investment firm to focus exclusively on blockchain.
“The real catalyst behind mass crypto adoption could lie in casual gaming. As players advance through these games, they are empowered to connect their TON wallets to maximise the benefits of their in-game rewards. This in turn serves as a natural entry point that leads these players to engage with cryptocurrency, sometimes for the first time,” GAMEE Co-founder Bozena Rezab told BeInCrypto.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Animoca Brands’ GAMEE’s recent integration with TON may have increased its appeal to Pantera. On August 18, TON Venture invested in GAMEE to help develop Telegram mini apps.
With this integration, the Web3 gaming firm is now positioned to tap into Telegram’s vast user base and its potential for mainstream blockchain onboarding. Justin Hyun, director of investments at TON Foundation, described Telegram as a “Trojan horse” for mass blockchain adoption — a potential Pantera Capital likely recognized.
“Pantera Capital is one of the most recognized and established investors in the Web3 world and is, like Animoca Brands, also a strong supporter of TON. We are therefore greatly encouraged and honored by Pantera Capital’s support and participation in GAMEE’s raise. We have no doubt that Pantera Capital’s insights, know-how, and influence will be of valuable assistance to both GAMEE and TON as they scale up to new heights,” Yat Siu, Animoca Brands Co-founder & Executive Chairman, shared with BeInCrypto.
VC Funding Remains a Controversial Issue
While GAMEE accepts venture capital support, its peer on the TON blockchain, Hamster Kombat, remains firm against external funding. As reported by BeInCrypto, this stance is part of Hamster Kombat’s strategy to safeguard its players’ interests. The decision reflects concerns that venture capitalists may prioritize their exit strategies, potentially compromising the long-term well-being of the project.
“Too many Web3 projects have built audiences only to use them as exit liquidity for their venture capital backers. This has, unfortunately, become the norm in the industry. Instead of creating innovative projects that generate real value and revenue, companies often focus on making a convincing pitch to secure funding, spend it on marketing, conduct an airdrop or even a public ICO, and then walk away — leaving users holding the bag,” Hamster Kombat team explained.
Read more: Top 8 Hamster Kombat Alternatives in 2024
The concern follows recent research revealing how most tokens backed by leading VCs slumped. Nevertheless, Pantera Capital’s interest in GAMEE reflects a common trend among VCs. They target new businesses, primarily startups with high growth potential.
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