A new financial report shows that despite the crypto and NFT market crash companies are not deterred from investing in the technology in the gaming space and have spent billions in investments.
Cryptocurrency and NFTs became household names 2021 as the marketplace for both exploded in value with the rise of blockchain technology.
While tons of companies scrambled to figure out how to incorporate blockchain technology and cash in, including video game publishers, in May 2022, the entire market for crypto and NFTs completely collapsed.
Despite the market has not picked up since the crash, investments into the gaming space for NFT and blockchain technology-based games continue to soar.
Report shows billions invested in NFT gaming
The new report comes from DrakeStar, a global technology investment bank, and revealed just how much NFT and blockchain companies have raised in the first half of 2022.
“More than $2.2 billion was raised by private blockchain & NFT gaming companies with over half of total amount raised by early-stage companies.”
Of the staggering amount, here the following companies made the largest investments: Animoca Brands, Shima Capital, and FTX.
The report also noted that the $2.2 billion amount represented half of all financing deals in the gaming space.
Clearly, the massive crash of the NFT and crypto market hasn’t deterred big companies from putting enormous investments into the technology within the gaming space. How their investments will shake out will interesting to monitor.