Dialogue with KK, Founder of Hash Global: Do VCs Still Invest in Blockchain Games Now? What Kind of Projects Can Still Get Funding?
**Title: Dialogue with KK, Founder of Hash Global: Do VCs Still Invest in Blockchain Games? What Kind of Projects Can Still Get Funding?**
**Summary:**
KK, partner at Hash Global, discussed the evolving landscape of Web3 investment and blockchain games in a recent interview. He noted that the industry has moved past its initial hype phase into a more sober "second half," where VCs now prioritize core questions: Is the game actually fun? Does it have real users? Can it generate revenue?
Key insights include:
* **Web3 Investment Evolution:** The sector is increasingly adopting traditional investment logic, focusing on business models, value capture, and tangible worth over pure narrative.
* **Blockchain Game Fundamentals:** The paramount criterion for any game is being genuinely fun and engaging. Web3 elements (like asset issuance and value distribution) should enhance an already solid product, not be a substitute for poor gameplay. Play-to-Earn is seen as a potential final stage, not a starting point.
* **Current Investment Thesis:** Hash Global remains active in gaming, favoring projects with low barriers to entry, strong social/competitive elements, and the ability to generate real revenue (e.g., through ads, skins) like traditional Web2 games before scaling. Essential criteria are: 1) A fun core loop understandable without Web3 knowledge, 2) Web3 mechanisms that genuinely improve asset distribution and community participation, and 3) A capable, long-term-focused team with proven product-building experience.
* **Team Focus:** The firm concentrates on investing in Chinese teams, leveraging cultural familiarity and judgment.
* **Web3 Application Outlook:** Large-scale adoption may be accelerated by AI in areas with significant pain points in distribution (e.g., creator economy) or in "Non-Financial RWA" sectors like entertainment/culture.
* **BNB Ecosystem:** Hash Global is bullish on BNB, viewing its ecosystem as significantly undervalued, with real users and global capital access.
* **Investor Advice:** In the current bear market, KK expresses respect for new institutional investors entering Web3, as it indicates deep research rather than hype-chasing. A key lesson is managing pace—maintaining optimism tempered with realism to ensure longevity.
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