Galaxy Digital Affiliate Raises $325M Fund for NFTs, Interactive Gaming
The capital will go toward Galaxy Digital’s second venture fund dedicated to interactive gaming and non-fungible tokens.
Mike Novogratz, CEO, Galaxy Digital; Source: Seb Daly / RISE via Sportsfile
- Galaxy Interactive has invested $150 million in blue chip NFT projects such as Art Blocks
- Galaxy Digital currently manages over $2.2 billion in assets
Galaxy Interactive, an affiliate of Galaxy Digital, has raised a whopping $325 million in funding, the company announced on Tuesday. The capital will go toward Galaxy’s second venture fund, which is dedicated to interactive gaming and non-fungible tokens (NFT) start-ups.
Galaxy Interactive, which formed three years ago, aims to appeal to a wider demographic of investors and “fill a gap in funding available to companies in the ‘interactive’ sector,’” according to General Partners Sam Englebardt and Richard Kim.
“What would you invest in if you believe… that younger generations are moving en masse from the physical to the digital world?” Englebardt said. “Today, the implications of that question present themselves everywhere, in so many fascinating ways and through the utilization of revolutionary technologies.”
The funding comes at a time when NFT sales are “red hot” and venture capital funding in the digital assets space is at record highs, according to new stats posted on Twitter from Galaxy Digital Research.
Of the $325 million raised, the company’s interactive fund has allocated roughly $150 million to blue-chip NFT projects such as Art Blocks. New companies to join Galaxy Interactive’s portfolio include Immutable, Mythical Games, StockX, Genvid and Bad Robot Games, to name a few.
“There has never been a better time to focus on the intersection of content, finance and tech, and we’re fully dedicated to leading the charge in growing this sector,” Englebardt said.
Galaxy Digital currently manages more than $2.2 billion in assets as of late September, according to the crypto conglomerate’s press release.