Web3 Gaming Investments in 2020-2024: The Highs, The Lows, and The Future

Web3 Gaming

Investments in 2020-2024:

The Highs, The Lows,

and The Future

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FEATURE BY

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The correlation between Bitcoin’s price dynamics and investment activity in the web3 gaming market remains limited

following the “crypto winter.” The potential of blockchain technology in gaming still needs to be proven.

WEB3 INVESTMENT ACTIVITY & BTC PRICE (2020 – 2024 YTD)

FEATURE BY GDEV

Investments in Content creators, initially 40% of rounds in 2020, have notably outpaced Platform & Tech startups,

representing over 60% of capital raised and deals closed in the web3 space in recent years.

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FEATURE BY GDEV

CONTENT CREATORS FINANCING DYNAMICS

PLATFORM & TECH FINANCING DYNAMICS

Note: Projects that are a mix of content and platform have been excluded for clearer visualization.

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FEATURE BY GDEV

The largest investments in the web3 gaming space have encountered challenges as Late-stage activity has generally

declined amid macroeconomic pressures and market leaders losing traction.

THE LARGEST ROUNDS BY WEB3 GAMING STARTUPS

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FEATURE BY GDEV

There is a high concentration ratio among the most active web3 gaming investors, with the top four (2 Corporate and 2 VC

funds) accounting for 82% of total capital deployed and 32% of total rounds closed in the space.

FUND

# OF DEALS

VALUE OF DEALS

NOTABLE INVESTMENTS

MOST

ACTIVE WEB3 INVESTORS (2020 – H1’24)

28

$2.7B

109

$2.3B

22

$1.2B

47

$1.1B

24

$0.3B

28

$0.2B

30

$0.2B

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FEATURE BY GDEV

The crypto gaming market has experienced fewer exits and significantly lower deal values than the gaming content sector

(game developers and publishers), with no high-profile or billion-dollar exits to date.

TARGET

BUYER

VALUE

SELECT WEB3 EXITS (2020 – H1’24)

$115m

CONTENT

N.A.

$8m

PLATFORM

N.A.

N.A.

CONTENT

PLATFORM

CONTENT

N.A.

CONTENT

OTHER M&A TARGETS (2020 – H1’24)