Blockchain gaming is hitting its stride. According to investment bank Drake Star Partners, 128 blockchain-related gaming companies have received $1.2 billion in venture capital funds in just the first quarter of this year alone. That number represents one-third of all game startup funding in 2022. Venture capitalists have received an influx of blockchain-related pitches, and many of them have bought in (literally) to the craze.
“Many founders are hastily re-writing their pitches to include a web 3 element,” said Ethan Kurzweil, a Partner at Bessemer Venture Partners. “Given enough time, web 3 seems to work its way into every gaming pitch these days – whether it truly fits or not. I’m not sure whether it’s VCs pushing the web 3 zeal or the other way around but the web 3 pendulum has indeed swung all of the way to the limit.”
Blockchain gaming is still pretty steeped in controversy, with many gamers disdainful of the concept and some major companies like Valve shutting down the idea altogether. But there is still a lot of momentum for it, and investors have clearly begun to take notice.
(All information was provided by VentureBeat)