There’s a growing demand for crypto gaming and investors want to be a part of it. Mark Cuban invested in Sky Mavis in its first round of funding, helping the start-up raise $7.5m. Venture crypto gambling capital companies are getting in on the act as well: Framework Ventures recently launched a $400m fund for Web 3.0 games and a new $600m fund from Andreessen Horowitz.
Blockchain companies also want to get on board, and both Solana and Polygon have started investing in early-stage blockchain games that incorporate decentralised finance (DeFi) into their systems. With more and more investors strong-arming crypto gaming platforms, the industry could see a growing market.
This has already become visible, according to a recent report by the investment firm Drake Star Partners. In the first quarter of 2022 alone, 128 crypto gaming companies recieved a total of $1.2bn in investments.
However, the crypto gaming industry was dealt a major blow in October 2021 when Steam, the world’s largest distributor of PC games, announced the platform would not host blockchain-based games, apparently because it does not allow items that can have real-world value on its platform. Losing Steam’s support could significantly affect crypto games, as they will be missing out on an industry-leading marketplace that attracts 62.6 million daily users.
Distributor Epic Games is taking a different approach. Although it won’t be publishing its own crypto games, chief executive Tim Sweeney tweeted that Epic is happy to work with early developers on their blockchain-based games. The video game distributor said crypto games would have to comply with financial laws and have appropriate age ratings. This could solve many of the risks to which crypto games are prone and open the market up to Epic Games’ 31.3 million daily users.
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