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Home»BLOCKCHAIN NEWS»Data shows VC investment in blockchain games fell 57% in the first quarter.
BLOCKCHAIN NEWS

Data shows VC investment in blockchain games fell 57% in the first quarter.

By Crypto FlexsApril 12, 20242 Mins Read
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Data shows VC investment in blockchain games fell 57% in the first quarter.
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The blockchain gaming sector is off to a difficult start to the year, with venture capital deals falling nearly 60%, totaling $288 million, sparking caution among investors.

Developers in the blockchain gaming industry are facing a mix of caution and optimism, as shown by a decline in venture capital deals compared to the previous quarter. The sector secured $288 million in funding in the first quarter, a 57% decrease compared to the fourth quarter of 2023, according to data compiled by DappRadar.

“The focus of these investments is primarily on web3 games and infrastructure. This clearly highlights the foundation-building period to enrich the web3 gaming ecosystem.”

Sara Gherghelas, blockchain analyst at DappRadar

The analyst noted two standout deals that shaped the investment landscape during the period: Parallel Studios and Gunzilla Games.

In March, Parallel Studios secured $35 million in funding, backed by Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber. While the developers haven’t provided specific details on how they plan to use the proceeds, it appears the studio is aiming to expand its presence across a variety of platforms, with the Epic Games Store gaming market as a key milestone in its expansion.

VC deals for blockchain games | Source: DappRadar

Gunzilla Games also raised $30 million for its upcoming project Off the Grid, a free-to-play battle royale game. The investment, co-led by CoinFund and Avalanche’s Blizzard Fund, aims to expand the game to multiple gaming platforms, including Sony PlayStation, Microsoft’s Xbox and PC.

Despite investor caution, the influx of investment in new game development and technological advancements “shows there’s a lot of hope for what’s next,” Gherhelas said.

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