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Fig crowdfunding platform receives SEC approval

The U.S. Securities and Exchange Commission (SEC) granted approval to Fig for non-accredited investors. This means that unlike competing platforms such as Kickstarter, Fig grants you a financial stake in projects in return for your investments.

According to a report on Venture Beat, the SEC gave approval to Fig's Psychonauts 2 project. Anyone who backed the game at $1,000 per share or greater will earn cash once the game starts earning revenue.

"Enabling fans and communities to directly support and financially benefit from their favorite games is transformative to the publishing of interactive entertainment and beyond,” said Fig founder Justin Bailey. "Fig is committed to evolving video game publishing and crowdfunding in this direction that benefits fans, communities, and developers, and ultimately the making of great games."

Allowing backers to become investors has been a cornerstone of Fig since its inception last summer. That makes receiving SEC approval something of a formality, but an important one. Official recognition puts backers' minds at rest that Fig isn't a scam, an important point to make as Fig attempts to broaden its reach potential backers more familiar with popular crowdfunding platforms like Kickstarter and Indiegogo.

More importantly, Fig holds enormous potential for game developers. The knowledge that profit can be earned by helping to fund a game could be a powerful motivator to attract attention from affluent backers.

Justin Bailey echoed that sentiment in an interview with Shacknews concerning the state of crowdfunding. "We think that if crowdfunding evolves and has investment, and then we go through one cycle and prove it’s viable with people we can pursue those bigger budgets."

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