Japan’s Akatsuki Announces $20 million Web3 fund
Akatsuki, a Japanese entertainment and gaming company, announced on June 1st that it has raised a $20 million fund to invest in web3 projects.
According to a press release from Akatsuki, the fund, dubbed Emoote, will support startups working on projects in GameFi, non-fungible tokens (NFTs), and the metaverse. The company has a track record of investing in crypto-related projects, having backed more than 20 early-stage companies, including the well-known STEPN.
The company's investment focus is 50% in Asia and 40% in the United States, with the remaining funds going to other regions. The firm will also focus on collaborating with Japanese entertainment and media companies.
Emoote was derived from the word "emotional," indicating how NFT adoption has always been based on the "emotional values" of all involved. Furthermore, Emoote has a three-pronged strategy for focusing on Web 3 in Asia.
To begin, Emoote's funds will support projects with the "potential to transform the entertainment, media, and lifestyle fields with Web 3 technology." Emoote examines the following three areas in order to fully comprehend this:
1) Token-based Web2 applications
It refers to tokens like STEPN that have real-world utility, both in terms of Web2 applications and for the player/developer in terms of conventional entertainment and lifestyle.
2) Web3 IP Creation
This corresponds to the creation of a completely new web3-based intellectual property. Examples of this include Bored Ape Yacht Club and ApeCoin among others.
3) NFT and the Digital Fashion Industry
As evident by the likes of Burberry in Blankos and NFT items in games with popular appeal, Akatsuki also wants to indulge in projects that have the potential to be useful within the metaverse.