The crypto gaming industry experienced a surge in funding and has received over $297 Million, including strategic partnerships and other business agreements, in Q2 2023. In June 2023, crypto gaming funding was $68 Million.
According to a recent research report by DappRadar, crypto gaming funding has emerged as the most funded crypto sector in Q2 2023. Mahjong Meta received funding of $12 Million from giant investors such as Dragonfly and Folicus Ventures on July 31, 2023.
Other popular gaming companies, such as Kandle, Eyeball Games, Mythical Games, Hibiki Run, Delabs Games, and Skrmiish, raised funding in Q2.
As per data available on RootData, only three NFT-focused companies raised funding in the second quarter of 2023. Authentic, GET Protocol, and Gondi are major NFT projects that raised funding in Q2.
Is the Global Crypto Market Facing an Investment Crisis?
In the last 90 days, overall crypto funding slipped over 24.81%, and in 197 funding rounds, companies raised over $1.74 Billion. In Q2 2023, 504 funding rounds occurred totally, and the amount raised was $7,829,363,885.
According to TheCoinrepublic, on July 12, 2023, the company announced that it had raised $6 Million in the seed funding round.
Shima Capital led the seed funding round of Artela with some other participants, including A & T Capital, Big Brain Holdings, SevenX Ventures, Dispersion Capital, and Amino Capital.
The primary aim of Artela is to develop a base-layer blockchain network to meet the surging demand for large-scale decentralized applications. The Artela ecosystem allows developers to build a native extension on top of the blockchain base layer in a modular manner.
Most recently, on July 12, 2023, a social intelligence platform for cryptocurrencies raised $5 Million in a Series-A funding round which was led by Draper Round Table, Draper Associates, WWVentures, TRGC, Bitcoin Frontier Fund, Dapper Goren Holm, Blockchain Founders Fund, Side Door Ventures, MoonPay, LBANK Labs, and a few others.
Available data states that Coinbase is among the leading venture capitals that have invested in leading projects such as Animoca Brands, Avalon, Branch, Summoners Arena, and many others in the crypto industry.
Notably, if crypto funding declines steadily, dozens of established companies might exit the sector due to a lack of competition and users’ attention.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/11/crypto-gaming-sector-gathered-297m-in-funding-q2-report/