Emerging Space: Blockchain Games |  stadium book

Emerging Space: Blockchain Games | stadium book

Private markets are constantly evolving, and new spaces appear – and sometimes decline – within a few years. Given this liquidity, it can be difficult to identify and track the promising spaces of tomorrow. That’s why our analysts have developed a methodology to identify and categorize these emerging spaces. In this post, we take a look at sports technology – just one example of a space taking off fast.

Unless otherwise noted, the data points included in this post are a live count from the PitchBook platform as of September 28, 2022. PitchBook data on companies, investors, and deals are subject to frequent change. Where possible, we’ve linked to PitchBook file previews, which provide a quick sense of the powerful types of data that PitchBook customers can access.

What are blockchain games?

Startups in this field are incorporating aspects of blockchain technology into video games in an effort to change gaming business models and increase player agency. Blockchain technologies, particularly in the form of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), are seen as a way to separate revenue streams away from publishers, giving players more control and ownership. Blockchain game companies either create blockchain games or provide the infrastructure that enables them.

What is Ethereum?

Ethereum is a decentralized platform powered by blockchain technology. Although it is famous for the cryptocurrency ETH or ETH, anyone can take advantage of it to create a secure digital technology. Ethereum is often the preferred blockchain for developers in the blockchain gaming scene, as it is by far the most secure, flexible and interoperable blockchain.

Quick stats

Key growth metrics

372

deals
(TTM)

202.44% YoY

$2.92 billion

invested capital
(TTM)

243.02% YoY

$3.85 million

Average Transaction Size
(TTM)

126.47% YoY

$32.75 million

Average Post Rating
(TTM)

66.48% YoY

Blockchain gaming companies are trending

Entertainment Software Sup

Headquarters: San Francisco, California
Leadership: Dom Hoffmann, Founder
Latest deal: February 2022

Sup Entertainment Software is a developer of a community-created science fiction universe dedicated to non-fungible tokens (NFTs). The company offers decentralized science fiction projects where the community directs the story, and fan-made projects that outperform the original non-fungible tokens (NFTs) or include non-fungible tokens (NFTs) as part of another game, allowing users to store and process the blockchain without maintenance as long as the Ethereum does just that.

In February 2022, the company received $12 million in seed capital in a deal led by Paradigm. The money will be used to expand as well as develop other projects and universes

Axi Infinity

Headquarters: Ho Chi Minh City, Vietnam
Leadership: Trung Nguyen, Co-Founder, CEO and Board Member
Latest deal: April 2022

Axie Infinity is a developer of a gaming platform designed to allow players to earn and trade in-game resources for real money. The company’s platform specializes in creating a digital pet community centered around collecting, training, breeding, and fighting creatures built on the Ethereum network, allowing players to enjoy a high-quality gaming experience.

In April 2022, the company raised $150 million in Series C project funding in a deal led by Binance. Also on the tour were Anemoka Brands, Andreessen Horowitz and Axel.

Animoca Brands

HQ: Hong Kong
Leadership: Robbert Yung, CEO of North American Operations
Latest deal: September 2022

Animoca Brands is a mobile game and application developer committed to delivering digital property rights to gamers and Internet users through the economies of play for earning and a more equitable digital framework. The company leverages gamification and blockchain to develop and market a range of mobile apps, games and additional products aimed at educational learning, ensuring transparency, security, and new business models.

In September 2022, the company received $110 million in development capital in a deal led by Temasek Holdings, Poyo Capital and GGV Capital. The money will be used for acquisitions, investments, and “popular intellectual property” in an effort to push the Metaverse into public view.

Leading investors in blockchain games

AU21 Capital

Headquarters: San Francisco, California
Number of transactions in blockchain games: 37
Latest Blockchain Games Deal: July 2022

Founded in 2017, AU21 Capital is a venture capital firm headquartered in San Francisco, California. The company seeks to invest in companies operating in the blockchain and artificial intelligence sectors. Some of the company’s recent investments include Splinterlands, a blockchain-level online trading card game, and online sports game blockchain platform Colizeum.

Cheema Capital

Headquarters: San Francisco, California
Investments in blockchain games: 33
Latest Blockchain Games Deal: September 2022

Founded in 2021, Shima Capital is a California-based venture capital firm that seeks to invest in cryptocurrency and blockchain startups. In September 2022, they participated in the initial round of Sports Innovation Lab, developer of a blockchain discovery engine that aims to connect people with the games, projects and communities they love.

Binance

HQ: Hong Kong
Number of transactions in blockchain games: 28
Latest Blockchain Games Deal: September 2022

Binance Labs is an accelerator that is taking an initiative to incubate, invest in and empower entrepreneurs and communities working in the blockchain and cryptocurrency space. The company was founded in 2017 and is headquartered in Hong Kong. Some of the blockchain gaming companies the company is investing in include Community Gaming, Wincast, and Planetarium.

Learn about some of the other emerging spaces in PitchBook

Learn more about crypto and blockchain in private markets

Explore the best blockchain and cryptocurrency investors by trade count

Read our blog post 13 Venture Capital Firms Investing in Blockchain and Cryptocurrency

Learn how to use PitchBook to find and evaluate better coding opportunities
Read our blog post How Crypto Investors Can Benefit from PitchBook

Discover the key players in NFT investment
Read our blog post Meet 10 NFT investors to expand the horizons of digital art and gaming

This article was created based on the Emerging Spaces feature in PitchBook.

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