Web3 Gaming Firms and NFT Creators See a Spike in Venture Funding

Block Research Block Research discovered that funding for NFTs Gaming companies, NFTs, and other organizations grew 66% to $842 million in August which was up from $507 million in July. ….

Block Research : Block Research discovered that funding for gaming companies, NFTs and other organizations climbed 66% to $842 million during August, an increase of 66% from the $507 million in the month prior. While overall venture funding slowed for the fourth time in a row however, an increase in gaming as well as NFT funding suggests that it may be among the first to rebound from the bear market in crypto.

Block Research reports that Block Research reports that funding for NFT and gaming-related ventures grew by to 66% during August, compared to the prior month.

August’s funding totalled $842 million, as compared to the $507 million of July. Even though overall venture funding dropped for the fourth time in a row, NFT and gaming funding have risen.

This could mean that it will be among the first companies to emerge from the bear market in crypto.

John Dantoni, a The Block Research analyst, said that the increased enthusiasm for NFT or gaming contracts can be described as “logical” and continues previous trends, such as DeFi.

Many investors tried to keep up with the latest trends however, they either did not have exposure or desired to boost the risk from an off-chain and from a regulatory perspective.

He stated it was because NFT marketplaces are more likely to be controlled than financial institutions that are not decentralized.

Dantoni has stated that gaming based on blockchain is more likely due to technological advancements, infrastructure and throughputs for L1sand as well as the possibility of successful outcomes.

Massive funds were poured into gaming and nfts August

There were some notable venture deals of at minimum $50 million in August, which included an acquisition by mobile gaming firm Limit Break by Verizon Wireless for $200 million. Also, it was the Proof Collective funding NFT group with $50 million and Ready Player Me metaverse avatar creation business that has $56 million, respectively.

53 NFT and Gaming deals comprised 38 percent of all crypto financing deals and the majority the pre-Series A agreements in cryptocurrency venture capital financing during the past year.

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