April witnesses a groundbreaking milestone as blockchain games rake in an unprecedented sum of almost 990 million
The blockchain gaming industry experienced an extraordinary surge of investment in April, with a total of $988 million secured. While the first quarter of 2024 saw a cautious approach, with blockchain gaming startups raising a total of $288 million, the beginning of the second quarter signaled a shift in investor sentiment.
Data compiled by DappRadar revealed that April witnessed an unprecedented influx of capital into the web3 gaming sector, reaching $988 million and setting a new record since January 2021. According to DappRadar blockchain analyst Sara Gherghelas, the investment surge in April has already exceeded the entire second quarter of 2023, which was the best-performing period of that year with $973 million.
Gherghelas highlighted that 89% of the funds were directed towards investment firms, with 7% supporting infrastructure and 5% going to web3 games. A notable highlight of this investment wave was the launch of a $600 million games fund by Andreessen Horowitz (a16z) as part of a larger $7.2 billion fundraising effort.
DappRadar emphasized that this latest fund continues a16z’s commitment to the gaming sector, as they have dedicated a total of $1.2 billion solely to gaming ventures since their initial $600 million raised in May 2022.
In Q1, the sector secured $288 million in funding, marking a 57% decrease compared to Q4 2023. During that time, DappRadar stated that the focus of these investments was mainly on web3 games and infrastructure, highlighting a period of foundational building aimed at enriching the web3 gaming ecosystem.
