The amount raised in investment accounts for nearly 10% of the total amount invested in the gaming industry this year.
According to a gaming industry report published on July 30 by gaming venture capital data aggregator InvestGame, twenty-four blockchain gaming companies raised $476 million in the first half of this year.
Blockchain gaming companies accounted for 5% of deals announced and closed in the first half of this year, as well as 9% of the $50.2 billion raised by the industry during the same period. Only three companies raised 75 percent of the $476 million.
Forte, a blockchain infrastructure company based in San Francisco, raised $185 million for its crypto gaming platform in a round led by Griffin Gaming Partners, while Animoca, a developer and publisher of The Sandbox, raised $88,888,888 in a round led by Kingsway Capital.
Mythical Games, based in Los Angeles and best known for the sandbox multiplayer game Blankos Block Party, received $75 million in funding, the majority of which came from Westcap.
Blockchain gaming is still a specialized and expensive market. For casual gamers, the economic and technological barriers to entry are frequently high.
To begin playing the viral Pokémon-inspired Axie Infinity, entrants must purchase expensive NFTs or stake money in Aavegotchi to build rare NFTs.
The prices of the blockchain gaming tokens associated with these projects frequently move in lockstep; tokens such as AXS, MANA, SAND, and ENJ rally and crash together.
It’s still early days, but given that blockchain gaming accounted for 9% of total gaming investment value in the first six months of the year, there could be plenty of room for growth.