Having entered the final quarter of 2024, it’s time to take the pulse of blockchain gaming investments during Q3 2024.
As generally has been the case during 2024, the number of investments in terms of publicly announced funding deals and token/NFT sales etc remains steady, up 34% compared to 2023 YTD.
The trend is down, however, with 36 deals in Q3 compared to 71 deals in Q2.
But the real meat of the issue is the value of this activity. In terms of the numbers tracked, 2024 breaks down as follows:
- Q1 — $324 million
- Q2 — $296 million
- Q3 — $128 million
In total, that’s $748 million to-date, down 31% compared to the equivalent period in 2023.
Pulling back the lens further, the comparison with previous years is more stark.
As for the deals themselves, the most sizeable one was web3 infrastructure startup NPC Labs announcing $18 million in seed funding for gaming L3 blockchain B3. This round was led by Pantera.
Gameplay Galaxy also secured $11 million as part of its seed funding round, taking total funding raised for its mobile-based web3 sports game Trial Xtreme Freedom to $24 million. Double Jump Tokyo also closed a deal just on the $10 million mark, announcing it’s series D funding led by Japanese strategic SBI Investment.
At this rate, 2024 will be doing well to break the $1 billion mark in total funding, compared to $1.5 billion in 2023 and a peak of $5.3 billion in 2022.
Still, not all hope is lost as Q4 has gotten off to a good start with Azra Games’ recent announcement that it had raised $42.7 million in its Series A, which is the largest single investment of 2024, beating out the $35 million strategic round announced by Parallel Studios in March.
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