Vividthree Deepens Push into Nft Gaming Industry with Investment in GammaR
According to data collated by Blockchain Game Alliance (BGA) 1, a total of $2.32 billion was generated from NFT games in revenue in the third quarter, accounting for an estimated 22 percent of all NFT sales during the period, as blockchain games garnered increased usage. Various firms have made entrances into the NFT gaming space to cash in on the growing popularity of Non-Fungible Tokens. One such firm is Vividthree, which recently announced its investment agreement with GammaR, a Singapore-based private sector firm.
The investment is in the form of an agreement to subscribe for convertible loan notes (“Loan Notes”) of about $4.08 million in GammaR, at an interest rate of 3.5 percent per annum for a period of three years, starting from the date of disbursement. The firm will have the option to convert the Loan Notes into a controlling equity stake in GammaR at any chosen time within this period. It is expected that Vividthree’s internal resources will finance the loan and, if need be, by an additional fundraising event. In the event of a default by the firm, the Loan Note will be redeemed instantly at the principal amount, alongside all the interest accrued.
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In a press release by Vividthree, the firm’s Managing Director, Mr. Charles Yeo, noted that partnership with GammaR will offer the firm a source of gaming IPs and opportunities to leverage the growing popularity of NFT blockchain games. Therefore, the investment would ensure that Vividthree is better positioned to capitalize on the increased growth of the global gaming industry, especially the surge in “interest in NFT and blockchain games in particular.”
Jonathan Zhang founded GammaR, and the company comprises individuals from different backgrounds with knowledge in digital business, mobile gaming, and blockchain technology. Before setting up GammaR, Zhang has previously held senior management positions across industries within both private and public companies. GammaR intends to offer small game developers platforms and resources that would enable them to build and monetize their ideas and innovations in the market while hoping to cash in on the recent surge in popularity of digital assets, the metaverse, and NFTs.