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Crowdfunding And Investment Platform Fig Is Finally SEC Approved
The hybrid crowdfunding-investment platform Fig made its debut last year as an attempt to crowdfund Psychonauts 2. However, what made Fig different from other platforms was its promise that backers could be more than just backers: they could be investors, meaning they could possibly see a monetary return on their investment.
There was understandably a lot of skepticism about this platform, including from us, with one of the sticking points being that Fig was not SEC (United States Securities and Exchange Commission) approved. Fig founder and CEO Justin Bailey talked about the importance of letting backers "financially benefit" from the titles they help make viable:
Enabling fans and communities to directly support and financially benefit from their favorite games is transformative to the publishing of interactive entertainment and beyond. Fig is committed to evolving video game publishing and crowdfunding in this direction that benefits fans, communities, and developers, and ultimately to the making of great games.
Be sure to check out our breakdown of the risks when it comes to investing in Fig campaigns.
InXile just revealed it's funding Wasteland 3 through Fig.
[Source: Fig]
Our Take
Ultimately the SEC approval lends Fig an air of legitimacy that the company ideally should have had back in December. However, this approval doesn't affect whether or not Fig-funded products will be successful or net their investors some return. It just means that Fig's structure is approved by the federal government.
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