Framework Ventures, a crypto-focused venture capital firm, has received $400 million in additional capital to invest in early-stage startups in the Web3, blockchain gaming, and decentralized finance (DeFi) sectors.

In specific, the raise will reportedly be channeled towards “FVIII,” a $400 million oversubscribed fund. The growing blockchain gaming sector will get around $200 million of that amount.

The venture capital firm, which was one of the first to invest in DeFi, today manages over $1.4 billion in assets. Framework Ventures was an early investor in Chainlink, Aave, and The Graph, among other businesses.

Gaming and Web3 have been viewed as the next key growth prospects for the blockchain sector, similar to DeFi in 2020. Axie Infinity, a popular play-to-earn game based on collecting digital pet avatars known as Axies, has offered a good example of how this new paradigm might be applied. There are reportedly 2.8 million unique addresses holding 11.1 million Axies.

Web3 is also promoting the growth of the nonfungible token market by allowing developers to construct NFTs with real-world applications within virtual environments.

An open call to women to join the Web3 movement is available here.

Web3 development businesses have attracted the attention of venture capitalists and other smart money investors. KuCoin ecosystem firms have announced a $100 million Web3 development fund aimed at NFT applications.

Beyond the blockchain sector, the play-to-earn concept is thought to have a major influence on the future of gaming. Chris DeWolfe, co-founder and former CEO of Myspace, stated that the play-to-earn business model allows users greater control over their in-game experiences.