The United States Securities and Exchange Commission (SEC) has approved the offering of Fig Game Shares for Wasteland 3, a new game under development by inXile Entertainment. This is the second such game to have received SEC approval, with Psychonauts 2 being the first.
Fig Game Shares are a relatively new securities product that allow non-accredited investors to participate in a game as a business proposition. Since returns are paid based on the sales revenue of a single game, investors get paid when a game launches, as opposed to the more traditional approach of being paid when a company goes public. Fig’s parent company raised $7.84 million in Series A funding from a number of investors in order to continue offering this distinctly Wall Street approach to crowdfunding.
The Wasteland 3 Fig campaign raised more than $3.1 million in funding and investment reservations from 17,707 backers. Approximately $2.25M of the money raised was in investment interest, and now that the SEC has given its blessing to offering shares on the game, backers who registered interest in doing so will be able to buy Wasteland 3 Fig Game Shares. Fig will reach out to these investors shortly in order to complete their transactions.
“As other crowdfunding platforms continue to struggle, Fig continues to transform the entire video game ecosystem, from the way fans interact and support their favorite games, to the way games are published,” said Justin Bailey, founder and CEO of Fig. “Fans now possess the ability to support the development of their favorite games and financially benefit from their success.”
“When we first started, crowdfunding fans used crowdfunding almost as a pre-order system. We had no way to give them the opportunity to share in our financial success. With the advent of Fig, our fans can now share in the financial benefits of a successful game, which was an evolutionary shift in game development and publishing,” said Brian Fargo, CEO of inXile Entertainment.