$5.2M for a chess game with collectible piece abilities — Paradigm running the post-2025 GameFi playbook: small checks, niche loops, none of the AAA burn rate that buried Ember Sword-era studios. GameFi barely cracks 6% of Paradigm's portfolio, so this is an option, not a thesis. "Magic mechanisms" on chess pieces is gacha wearing a strategy skin, and whether it holds past initial mint hype depends on competitive depth keeping non-degens at the board.

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