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Crypto-gaming projects are breaking records

Photo of: Joseph Stone
by Joseph Stone

Crypto-gaming projects have raised $476M in the first half of 2021. And 3 companies have raised 75% of the funds – Forte ($185M), Animoca Brands ($89M), and Mythical Games ($75M).

The winnable game Axie Infinity (AXS) just passed $1 billion in all-time sales, adding to the growing popularity of non-fungible token (NFT) based games.

The online video game developed by Sky Mavis allows players to generate profits by buying, breeding, and selling digital pets called Axies. Each Axie is minted as an NFT, allowing players to verify the authenticity of the digital creature in the blockchain.

According to NFT analytics site CryptoSlam, Axie Infinity has achieved more than $1.04 billion in unprecedented sales with more than 2.4 million transactions, propelling the gaming platform to the top spot in the NFT collectibles space.

CryptoSlam also shows that most of Axie Infinity’s sales have taken place in the last 30 days, with 239,283 buyers purchasing nearly $750,000 worth of Axies.

The game is also seeing an exponential increase in user adoption. Amidst the rapid increase in Axie Infinity adoption, its native AXS token continues to be a bright spot in the NFT space. CoinMarketCap shows that AXS has gone from a 30-day low of $14.19 to a high of $53.28, marking an increase of over 275% in just one month.

24 companies developing blockchain-based games raised $476 million in the first half of 2021.

According to Invest Game’s report, Crypto Gaming companies accounted for 9% of the $4.6 billion raised by the Gaming industry over the same period. Of that $476 million, 75% was raised by just 3 companies – Forte ($185M), Animoca Brands ($89M), and Mythical Games ($75M) for a total of $349 million.

Animoca Brands closed the second round of funding of nearly $140 million in July. Considered the world leader in blockchain-based video games, the studio received support from Coinbase Ventures and Samsung Venture Investment. The funds raised will be used to accentuate the studio’s development around non-fungible tokens (NFTs). Animoca Brands is the publisher of games such as The Sandbox and F1 Delta Time.

According to a Samsung Venture Investment spokesperson’s statement:

“We are on the verge of a fundamental shift in multiple aspects of our digital lives, including how we enjoy games and how we buy and use virtual goods. Animoca Brands is the company that is making this decentralized future of gaming possible.”

Finally, NFT gaming startup Mythical Games raised $75 million in June. This round of funding was notably from American serial entrepreneur Gary Vaynerchuk and the Galaxy Digital fund. Mythical Games is the developer of the Blankos Block Party game.