VC firm Hashed was founded in 2017 when a group of founders and engineers from South Korea pooled $700,000.
Fast-forward five years and more than 500 investments later, and Hashed’s treasury now totals over $4 billion and it is still 100% owned by the firm.
Crypto gaming is one of the main pillars of Hashed’s investment thesis, serving as the focal point of a $200 million fund announced in December. While Hashed is actively investing in the emerging Web3 gaming ecosystem, their ambitions don't stop there.
In this episode of The Scoop, Baek Kim, general partner at Hashed, joins host Frank Chaparro to explain how Hashed has taken additional steps to help shape the future of crypto gaming.
According to Kim, one of the main problems currently facing crypto gaming is sustainability. Indeed, existing crypto gaming projects are fading in popularity, according to data collected by The Block Research.
While projects such as Axie Infinity have tried to poach outside talent to reverse shrinking user bases, Hashed has created its own "metaverse ventures studio" with a team of over 80 people in order to help talented game developers incubate more sustainable Web3 games.
While existing crypto games largely rely on financial incentives instead of sustainable content to retain their users, Kim notes that games like Axie Infinity are “fun enough to hang out in the Discord channel.”
In fact, Kim suggests that interacting with crypto gaming communities outside of the game can be even more fun than actually "playing games." This is a phenomenon that Kim believes is “quite unique about crypto gaming.”
Episode 19 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Baek Kim, General Parnter at Hashed.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
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