Surge in VC Funding: Leading Web3 Games with the Highest Fundraising in 2023

In 2023, the Web3 gaming industry experienced a mixed bag of outcomes. Notably, a DappRadar report indicates a 65% reduction in the number of blockchain games compared to the previous year.

Despite this dip, with only 223 games launched compared to 640 in 2022 and 811 in 2021, the industry is gearing up for a robust resurgence in 2024. Anticipation surrounds several highly awaited titles set to hit the scene.

Even in the face of a decline in game numbers, the Web3 gaming sector has displayed remarkable resilience, consistently drawing in investors. According to the Q3 2023 State of Blockchain Gaming report by DappRadar, there’s been a noteworthy 12% increase in unique wallets since Q2 2023. Impressively, a substantial $600 million in venture capital funding has been injected into Web3 games.

The report further highlights the top five beneficiaries of these funds each quarter, underscoring the sustained potential and allure of the industry.

Q1 2023

In Q1, the gaming industry experienced a significant influx of funds into groundbreaking ventures, marking a period of notable financial momentum. Leading the charge was CCP Games, an independent game developer renowned for its innovative use of blockchain technology in the EVE Universe, securing an impressive $40 million in funding.

Hot on the heels of this success, Matchday, a FIFA-licensed Web3 mobile gaming company with a focus on soccer, secured a robust position in the industry by obtaining $21 million in seed funding.

Kratos Studios, an Indian Web3 gaming firm boasting the prestigious IndiGG DAO intellectual property, demonstrated its growth potential by successfully raising $20 million in funding. Similarly, Dimensionals, a gaming multiverse that unites collectible heroes from diverse dimensions and is powered by Mino Games, garnered $15 million in a Series B funding round, ensuring continued development and expansion.

Lastly, Avalon, an extraordinary digital universe empowering gamers and creators to construct their own worlds, secured a significant $13 million to fuel its visionary endeavors.

This surge in funding not only underscores the industry’s enthusiasm for cutting-edge concepts but also emphasizes the tremendous growth potential within the gaming sector.

Q2 2023

In Q2, the gaming industry experienced an impressive surge in financial growth. Mythical Games took the lead with a remarkable $37 million investment, showcasing their commitment to enhancing consumer adoption.

Simultaneously, both Pomerium and GOALS made significant strides, securing noteworthy investments of $20 million each through support from angel investors and Series A funding. Notably, Pomerium stands out as a Play-to-earn (P2E) gaming platform with a focus on original in-house IP games.

Karate Combat, a pioneering Web3 martial arts game, celebrated a major milestone by securing $18 million in funding. Similarly, RACA, a Web3 infrastructure provider, raised $16 million to strengthen its operations.

These accomplishments underscore the thriving nature of the gaming industry and the growing enthusiasm for innovative gaming platforms and infrastructure providers.

Q3 2023

In the third quarter, several outstanding projects and companies captured attention with remarkable achievements. Proof of Play, for instance, showcased its prowess by securing an impressive $33 million in funding, reinforcing its status as a leader in the industry, particularly known for its innovative Web3 Games Studio.

Equally noteworthy is Pahdo Labs, which successfully raised $15 million in Series A funding for their highly anticipated game, Halcyon Zero. This achievement underscores their position as a significant player in the gaming sector.

Making substantial strides in the industry, Mahjong Meta raised an impressive $12 million. Their focus on developing an online competitive Web3 mahjong gaming platform has positioned them as a key player in the evolving gaming landscape.

Age of Dino, a captivating MMO game built on the Xterio platform, secured $8 million in Seed funding, highlighting its potential and drawing attention to the innovative features it brings to the gaming realm.

Last but not least, MetaCene, dedicated to building a blockchain MMORPG universe, demonstrated confidence in its vision by securing $5 million in Seed funding, emphasizing the promising future of their endeavors in the gaming industry.


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