Web3 Gaming is transforming the blockchain space. The GameFi industry has progressively expanded its dominance, attracting over $22.5 billion in total investments. This era began in late-2020 when Andre Cronje, the founder of Yearn.Finance, introduced the notion of GameFi. His tweet about gamification in a decentralized setting took crypto Twitter by storm. A slew of innovations drove the industry forward steadily since then. NFTs have propelled GameFi to a new level, merging entertainment and financial incentives. Moreover, the metaverse has introduced an additional utility and value layer in this domain. It offers an immersive experience, among other things, to the participants of virtual worlds. Overall, there’s been an intense craze. So much so that several new projects emerge daily. For example, there were 1400+ GameFi projects in May 2022, representing a 99% yearly increase. This is primarily because investors have dedicated billions of dollars to this domain—$2.5 billion in Q1 2022, whereas the total investment last year was $4 billion. Institutions Enter Blockchain Gaming Recently, venture capital funds have gone big on blockchain gaming. Leading investors are doing everything in their capacity to capitalize on GameFi’s immense potential. For example, Andreessen Horowitz (A16Z) launched the Games Fund One, investing $600 billion in blockchain gaming. Similarly, Framework Ventures, a crypto-focused venture capital firm,...
What Happened In Crypto This Week?
