Tag: web3 gaming

Polygon Labs Team With Immutable, King River Capital to Announce Inevitable Games Fund

The Web3 gaming sector is on the cusp of going mainstream with notable game publishers now shifting their focus towards emerging fresher technologies. In order to attract web3 game developers to put their best foot forward, three parties have formed an alliance. Venture firms Immutable and King River Capital along have tied up with blockchain firm, the Polygon Labs to set up a fund of $100 million (roughly Rs. 83 crores) under the name – the Inevitable Games Fund (IGF).

The future of Web3 gaming market has been projected to be bright, according to research conducted around the subject. The blockchain gaming market is expected to be churning up to $614 billion (roughly Rs. 51,07,086 crore) in the next seven years, a recent study by Fortune Business Insights had said.

With the IGF, all three parties are testifying to their commitment to try and grow the potentially promising Web3 gaming sector. A bunch of other medium and large sized investors are also joining the initiative. These include Alpha Wave Ventures, the Chimera Capital by the Abu Dhabi Royal Group, as well as family offices like Mike Arrington, Co-Founder of CrunchFund, and Arrington Capital; Steve Kokinos

In fact, a bunch of Web3 gaming firms have already bagged investments from the IGF. These include Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. King River Capital has been tasked with the responsibility of overseeing all investment related processes. These would include the deployment of IGF capital across game studios, web3 infrastructure developers, and immersive gaming projects.

“Spending on video games exceeds the global revenue from movies, streaming TV and the music industry, combined, and it is ripe for a huge technology shift,” said Zeb Rice, Co-Founder and Managing Partner at King River Capital in a statement.

As part of the deal, Polygon Labs and Immutable, meanwhile, will be providing key sourcing and web3 gaming expertise. As of 2023, Alchemy’s Dapp Store lists 62 Web3 games supported on the Polygon blockchain. Messari, a crypto market intelligence firm claims that the combined market share of Immutable and Polygon is 70 percent of the total blockchain gaming development.

“Our combined expertise, global relationships, and industry reach ideally position the Fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally,” Robbie Ferguson, Co-Founder of Immutable said.

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Web3 Gaming in Asia ‘Crucial’ For Sector Development, Says New DappRadar Report

Asia houses the majority share of gamers in the world, because of which the Web3 gaming industry is looking hopefully at expanding the sector in the continent. The gaming community of Asia churns the maximum chunk of revenue. In its latest research report, DappRadar said the Asian nations of India, China, Japan, and South Korea collectively have over 1.7 billion video game players, and this big number has attracted the Web3 gaming community to lay their focus in this market on priority.

Over 55 percent of the global gaming community resides in Asia. The continent contributes over $72 billion (roughly Rs. 5,88,229 crore) in annual gaming revenue. The blockchain gaming market in Japan has specifically garnered major interest of the gaming industry.

“Anime-based NFT collections have recently gained notable traction, comprising 10.73 percent of the top 1000 NFT collections‘ trading volume,” the report said.

Polygon and Ethereum — both eco-friendly proof-of-stake (PoS) blockchains — have emerged as the top two blockchains most favoured for building Web3 games in Asia. With 30.8 percent market share, Polygon outshines Ethereum, that currently has a 9.2 percent share in terms of supporting Web3 games.

Established game publishers from Asia like Sony, Bandai Namco, and Wemade among others have begun incorporating blockchain-based elements like NFTs and the metaverse in their gaming ecosystems.

“This is a clear indication of the significance of the Asia region in the gaming industry. Blockchain gaming is still a nascent industry and has yet to become mainstream. However, this presents a significant opportunity for growth in the region, and with the rise of Asian gaming companies shifting towards Web3 and embracing blockchain technology, the adoption of blockchain gaming might come sooner than we expected,” the DappRadar report added.

Earlier this month, Bitget, a Seychelles-based crypto exchange, has decided to provide $100 million (roughly Rs. 819 crore) in the Asian Web3 market.

A recent Chainalysis report also recently highlighted that in the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services was NFT-related. Another 21 percent traffic was related to play-to-earn blockchain games.

Apart from Ethereum and Polygon, the DappRadar report has said that the Algorand blockchain is also emerging as a popular blockchain among Web3 game developers.

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