Funding for Crypto Gaming Companies Nears $500M in 1H of 2021
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A new report states that blockchain gaming companies have received nearly $500 million in funding since the beginning of 2021.
According to Investgame’s most recent gaming deals report, gaming companies associated with the blockchain have exploded in growth over the last six months. Particularly when outside funding is tabulated. Investgame’s report says that between January 1 and July 31, 2021, cryptocurrency gaming companies closed a total of 24 deals, doubling the 12 deals confirmed for the entire 2020 fiscal year. Those 24 deals netted crypto-gaming companies a total of $476 million in funding in the 1H of 2021 alone. The report adds that three of the 24 funding rounds accounted for 75% of the total raised sum. Those three funding rounds were from Mythical Games ($75 million), Animoca Brands ($89 million), and Forte ($185 million).
With a total value of $50.2 billion raised by the gaming industry in general, the $476 million raised by the crypto-gaming industry accounts for around 5% of the 489 closed deals and 9% of the total value.
In a press release about its funding round, Forte’s CEO, Josh Williams, said that “We envision a sustainable and equitable ecosystem for games, and are building the necessary infrastructure to make it possible. We’re incredibly fortunate to work with Griffin Gaming Partners and others who share our vision, and are helping us more quickly bring our technology to game developers, players, and fans around the world.”
Metaverse gaming is going mainstream
The popularity of metaverse gaming and non-fungible tokens (NFTs) is one reason for the rapid growth and interest in these blockchain gaming projects. Most of the games that run on cryptocurrency have some form of NFT integration, be it for in-game items, digital clothing, or art related to the title. The digital items purchased can then be shown off within the metaverse to others playing the game.
The growth of metaverse gaming has even paved the way for digital real estate to become a thing that exists. Metaverse’s like Axie Infinity (AXS) and others support real estate markets that act similar to those operating in the real world. Developers can purchase plots of land, some big enough to erect full-sized malls, and use them to earn profit and props within the digital world. Recently, Axie Infinity saw both its trading volume and price hit all-time highs. MyMetaVerse took a different approach to the digital real estate world. Instead of building a world of its own, the company teamed up with Minecraft to offer NFTs of land within the popular game.
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