Investment Overview in Blockchain Gaming
Welcome to our comprehensive guide on investments in blockchain gaming. This regularly updated resource provides details on all investments made in blockchain game companies. If you notice any deals that we may have overlooked, feel free to reach out via email.
Investment Totals by Year
For the year 2025 to date, total investments have reached $289 million, with a projection of $450 million for the entire year. In 2024, investments hit $1 billion, while in 2023, the figure stood at $1.7 billion. The trend continues as 2022 saw $5.3 billion in investments, with $4 billion in 2021, and a mere $88 million in 2020.
Recent Funding Announcements
In September, GLHF, the developer of the pixel RPG game Gigaverse, announced it had secured $2.3 million in funding to enhance its on-chain game by adding new features and game modes, including an expansive open-world update. The funding round was led by 1confirmation, with notable contributions from investors such as Luca Netz of Pudgy Penguins and Jeff Zirlin from Sky Mavis. So far, Gigaverse has generated over $4.5 million in revenue from more than 75,000 accounts, alongside a P2P item trading volume exceeding $9 million. The game operates on the Abstract blockchain and utilizes the Proof of Play technology stack. Future plans include launching a new series of NFT items on OpenSea, known as Gigaverse Eggs, priced at 0.0069 ETH ($30), which will transform into mounts for navigating the game’s open world upon its launch. “We’re thrilled to support Gigaverse and its founders Dith and Garnish,” stated Brett Shear from 1confirmation. “They exemplify the type of crypto-native innovators we aspire to back — operating at the forefront with a genuine grasp of the industry and a distinct vision for the future. Gigaverse is already gaining considerable traction, and we believe they are well-positioned to create one of the most influential crypto games of the next decade.”
In August, the Chinese web3 gaming company Moonveil announced a $5 million strategic investment from Unicorn Verse, as they work on multiple projects including TD AstrArk, a battle royale game titled Bushwhack, and the fully on-chain strategy game Flaming Pets, all built on their Layer 2 blockchain powered by Polygon. Additionally, South Korean NFT marketplace Overtake has raised $7 million in strategic funding, bringing its total funding to $27 million. Initially focused on the Immutable blockchain, Overtake has recently integrated with Sui blockchain. Investors included Immutable, along with South Korean web2 marketplaces ItemBay and ItemMania.
Neon Machine, a developer based in the US, reported raising $19.5 million across two funding rounds, led by Gala Games. This funding will facilitate the launch of its PC shooter Shrapnel in early 2026, which will cater to both global and Chinese audiences, the latter being hosted on GalaChain. The total disclosed funding for Neon Machine now exceeds $50 million.
Indian mobile gaming company SuperGaming has announced a $15 million Series B funding round, elevating its total funding to over $21 million and increasing its valuation to $100 million. Known for titles like Indus Battle Royale and Silly Royale, SuperGaming is also collaborating with B3 to develop its L3 Superchain. The new capital will help expand SuperGaming’s market presence into regions like Latin America and the Middle East, as well as enhance its game development engine and SuperPlatform live operations technology. The investor lineup features a diverse mix, including Bandai Namco 021 Fund, Neowix, a16z Speedrun, GFR, and Steadview, alongside existing backers.
In July, Indian mobile gaming community app STAN raised $8.5 million with backing from a variety of investors, including gaming giants like Square Enix and Bandai Namco. This funding brings its total to $16 million, and STAN currently boasts over 25 million app downloads, particularly strong in India’s tier 2 and 3 cities. The investment will be channelled into AI-driven personalization features and new tools for creators, as well as integrations for publishers and partners looking to engage within its gaming-centric communities.
German developer Honig Studios raised $1,049,575 from Arbitrum Gaming Ventures and secured a non-refundable grant covering up to 50% of the game’s development costs from the German government. This funding is aimed at advancing the development of Honig’s trading card PC game, The Lost Glitches, which is available on Steam.
South Korean game company Delabs Games announced new funding that brings its total to $17.2 million, following an initial $7 million from its parent company 4:33 Creative Lab and subsequent investments totaling $4.7 million from various investors. The recent funding will contribute to the release of two upcoming games, including the idle RPG Ragnarok Libre and the introduction of DELABS tokens. Delabs is also collaborating with Planetarium to leverage its genAI game development platform, Verse 8, to create multiplayer games with integrated web3 item economies.
Base Chain’s fantasy football game Football Fun raised $2 million in a funding round led by 6th Man Ventures, with participation from other notable investors. Following a limited beta event during the FIFA Club World Cup, it plans to launch its Pro experience in August.
AI-enabled DIY game creation platform Remix has successfully closed a $5 million seed funding round, led by Archetype, with participation from Coinbase Ventures and other investors. Initially launching mini-games on Base-based web3 social platform Farcaster, Remix now extends its capabilities to support Telegram and World App, claiming over 600,000 players engaged in thousands of games across numerous sessions.
Distinct Possibility Studios, a US startup, reported raising $30.5 million for its persistent open-world loot shooter, Reaper Actual. The funding will enable the studio to integrate optional web3 features for players, such as bases and in-game assets. Co-founded by John Smedley, who has a background with EverQuest and Sony Online Entertainment, the investment was led by Bitkraft and Bevan Howard Digital, alongside notable venture partners.
Swedish developer Cold River Games, formerly known as Crypto Rogue Games, secured $2 million for its upcoming old-school PC-based ARPG, Crystalfall. The team aims to launch the game through Steam and the Epic Games Store by the end of 2025, with investments coming entirely from crypto-focused ventures.
In June, US startup Spekter Games announced a $5 million pre-seed funding round, which was supported by a diverse mix of early-stage VCs and led by a16z’s speedrun. The company, founded by ex-nWay CEO Taehoon Kim, is developing a Telegram-based roguelite game, Spekter Agency, which aims to blend simple gameplay with deeper meta elements, including web3 incentives.
Uptopia, a platform aiming to disrupt game distribution through a token launchpad, raised $4 million in a pre-seed round, led by Pantera Ventures. US developer Playful Studios, known for titles like Wildcard and Thousands, has announced an additional $6.5 million in funding, raising its total to $9 million as it prepares to enter early access with Wildcard on Steam by late 2025.
UK developer Oxalis Games successfully completed its second NFT sale for the farming game Moonfrost via Open Loot, generating $275,000 from 1,833 OG mystery boxes, each containing in-game items that enhance player progress.
Orange Cap Games raised $3.5 million in a funding round led by Yuga Labs and 1kx, following the announcement that Yuga had sold the Moonbirds NFT collection to Orange Cap, which was seen as a strategic acquisition. In addition to working on Moonbirds, Orange Cap is also developing Vibes, a hybrid physical and digital trading card game based on Pudgy Penguins.
US company Launcher Capital, which identifies itself as “the future of AI gaming,” announced a $4 million seed round led by a16z’s crypto startup accelerator, CSX. The company aims to create a platform that empowers anyone to develop and distribute games quickly and seamlessly using AI and blockchain technology.
Decentralized reputation layer Shards Protocol secured $2 million in funding from various investors, including Animoca, YGG, and Kyber Ventures. Originally launched as Shards Tech, the company developed an SDK designed to enhance retention and monetization for game companies, which has evolved into its Aura product. This allows users to convert their on-chain contributions into reputation and rewards through quests and campaigns, culminating in the minting of soulbound badges. Shards Protocol is set to launch its token in late 2025.
In May, US developer Revolving Games announced it received additional funding from Pantera Capital, which had previously led a $13.2 million seed round. This latest undisclosed investment is characterized as a follow-on round. So far, Revolving Games has raised over $25 million, utilizing the capital for scaling its live games and developing the upcoming RPG, Skyborne: Phoenix Flight, expected to launch in Q3 2025.
Recently launched stablecoin-enabled game distribution platform Oncade announced a $4 million seed funding round, led by a16z’s crypto acceleration program, CSX. This platform aims to empower game developers to enhance revenue via modern payment systems and stablecoins, addressing the challenges associated with in-game item sales compared to traditional app stores. Greg Reisdorf, co-founder of Oncade, emphasized the necessity of equitable financial distribution among studios, players, creators, and communities in the gaming ecosystem.
German gaming platform Voya Games secured $5 million in new investments, led by 1kx and traditional VC Makers Fund. This funding will support the launch of Craft World and its Dyno Coin on the mainnet this summer, although details regarding the blockchain have yet to be disclosed.
In April, South Korean blockchain company Kaia received funding from crypto investment firms, including 1kx and Blockchain Capital, although the exact amount remains undisclosed. This funding aims to accelerate the growth of its ecosystem and promote the mass adoption of web3 through partnerships with major IT and superapp operators in Asia.
Solana-based real-time game engine MagicBlock raised $7.5 million in seed funding, led by Lightspeed Faction, with participation from various investors including Maven11 and Delphi Digital. This funding will aid in expanding MagicBlock’s engineering team and scaling its developer ecosystem.
Steam-on-blockchain game distribution platform Ultra announced it raised $12 million from NOIA Capital. This funding will allow Ultra to enhance its hiring efforts and facilitate strategic acquisitions as it positions itself for growth in 2025.
In March, Singapore-based Tarta Labs raised $4.5 million in a pre-seed funding round led by Bitkraft, which will accelerate the development of its anime-style action RPG, Spot Zero.
South Korean web3 game company Planetarium Labs reported raising $3 million for its mobile dark fantasy RPG, Immortal Rising 2, from various investors, including Spartan Group and Immutable. This funding follows the successful NFT sale of the Immortal Statue and will contribute to the game’s momentum ahead of its token launch.
Web3 platform PlaysOut raised $7 million in seed funding at a $70 million valuation. The company aims to bridge web2 and web3 gaming through its mini-game SDK, allowing developers to publish and monetize mini-games across popular messaging platforms.
Web3 game developer Asphodel Studios announced it closed a $1.3 million seed funding round with investments from various venture capital firms. The studio is developing Kamigotchi, an idle MMORPG where players raise and train digital pets.
Web3 gaming studio M10 raised $3 million in seed funding, with backing from Sui Foundation and other investors. The company aims to enhance the current state of free-to-play gaming by creating more player-centric web3 experiences.
Autoverse Studios announced it raised $1 million in strategic funding, alongside its previous $8 million round for its web3 drag racing game, Auto Legends. The team has onboarded industry veteran Scott Probin to assist in its development.
In February, US-based Acid Labs secured $8 million, led by A16z Speedrun and NFX, to create instant social games suitable for messaging apps, including its inaugural tap-to-earn game, Boinkers.
The UAE startup, The Game Company, announced a $10 million fundraising effort through equity and token sales, following an initial $5 million raised for its blockchain-based cloud gaming infrastructure.
US game infrastructure provider Beamable raised $13.5 million to develop a decentralized physical network based on its existing products. The funding was led by Bitkraft and includes participation from various blockchain funds.
Mighty Bear Games announced it raised $4 million for its Telegram-based rewards platform, Goat Gaming, aiming to capitalize on Telegram’s accessibility for web3 games.
UK studio Pixion announced a strategic funding round, believed to be linked to a token presale for its mobile action-RPG, Fableborne, with total funding now at $12.4 million.
The team behind BeraTone secured $2 million in seed funding, led by Animoca Brands, while mobile game publisher iCandy raised $4 million for its ZKsync-based L2, ZKcandy.
Game tech platform Playgama raised $3 million, aiming to become a leading HTML5 game distribution platform with over 220 million monthly active players.
KGeN (Kratos Gamer Network) announced it raised $10 million from various investors, including Aptos Labs, as part of an ecosystem funding round.
Animoca Brands secured $10 million from several investors to further develop its Mocaverse project, which aims to promote web3 mass adoption through interoperable tech.
Alliance Games raised $5 million in series A funding, with the goal of building web3 and AI infrastructure for gaming and developing its flagship project, Chain of Alliance.
Singaporean esports developer 81Ravens raised $4.5 million for its 3v3 arena shooter, Paravox, which will be deployed on Solana.
Tezos’ growth hub TZ APAC raised $1 million to support new games on its blockchain, part of a wider partnership with UAE-based Quantix Capital.
Hong Kong-based Meta Icons Lab raised $9 million to enhance its web3 mobile party gaming platform, Party Icons.
Web3 studio Opti Games secured $2 million in funding for its PC-based sport brawler, Sparkball.
Azra Games raised $42.7 million in series A funding, focusing on its flagship mobile RPG, Project Legends.
Loot Labs raised $6 million to expand its loot box platform, Boxed.gg, with plans for a significant launch into Counter-Strike.
UK startup Dragonz Lab raised $9 million to develop its tap game, Dragonz Land, deployed on the Venom blockchain.
Dubai-based Synnax announced a $1.1 million strategic funding round to build a decentralized credit ratings platform.
Darkbright Games raised $6 million in seed funding for its life sim RPG, Smolverse, part of the TreasureDAO ecosystem.
MagicBlock secured $3 million to enhance its gaming technology for fully on-chain games on Solana.
Helsinki-based game startup Spectarium raised $5 million to develop cross-platform RPG Myths.
US-based developer Proof of Play raised $33 million for its on-chain RPG, Pirate Nation.
Singapore’s Mythic Protocol secured $6.5 million in funding for its action-shooter RPG, Riftstorm, and its creator platform, Dumb.
GamePhilos raised $8 million for its mobile and PC strategy game, Age of Dino.
Animoca Brands raised $20 million for its Mocaverse NFT collection, with participation from various investors.
Hungri Games announced a $1.9 million seed round for its web3 horse racing RPG, Metahorse Unity.
Delabs received $4.7 million to develop its blockchain games, including Rumble Racing Star.
Eyeball Games announced a $1.5 million pre-seed round for its title Eyeball Pool.
Pangu Software raised $5 million to advance its MMORPG, MetaCene.
Finally, Binance Labs invested $15 million into Xterio to further game and tech development within the web3 gaming space.
