Top Gaming Raises - Triumps, Vanishing Acts, Opportunities! 👀

Table Of Contents

^{*Disclaimer: The funding quantities may differ marginally based on the source}

Introduction

Exploring the Top Gaming Funds: 2021 Overview

1. Sorare ($730 Million)

2. Mythical Games (~$225 Million)

3. Limit Break ($200 Million)

4. Sky Mavis ($152 million)

Exploring the Top Gaming Funds: 2022 Overview

1. Gunzilla Games ($46 Million)

2. Xterio ($40 Million)

3. XPLA Games- Formerly C2X ($25 Million)

4. Community Gaming ($16 Million)

5.  Immortal Game ($15.5 million)

Exploring the Top Gaming Funds: 2023 Overview

1. Believer ($55 Million)

2. Intella X ($12 Million)

3. Illuvium ($10 Million)

4. Azra Games ($10 Million)

5. Argus ($10 Million)

Introduction

In 2022, the gaming industry witnessed significant milestones marked by major acquisitions and blockbuster game releases. High-profile transactions included Microsoft's acquisition of Activision, Sony's acquisition of Bungie, and T2's acquisition of Zynga. Noteworthy game titles such as Elden Ring, God of War: Ragnarok, and Call of Duty: Modern Warfare 2 achieved unprecedented sales, with the latter generating a billion dollars in revenue within a remarkable ten days post-launch.

Blockchain has emerged as a pivotal factor in investment decisions within the gaming landscape. According to Drake Star Global Gaming Report Q2-2023, blockchain deals constitute a substantial share of private placement deals, surpassing other sub-sectors. The year 2023 witnessed blockbuster deals, including Savvy Games Group's acquisition of Scopely for $4.9 billion, a mobile gaming developer renowned for titles such as The Walking Dead and WWE. The Sega Sammy Company also disclosed its intention to acquire Rovio Entertainment for a substantial $775 million.

Despite significant interest and investment, Web3 gaming remains a relatively smaller sub-sector than the established PC/Console and mobile markets. Venture Capital firms are increasingly entering the Web3 gaming space, primarily focusing on seed or early-stage gaming projects. The promise of a more equitable and player-centric gaming experience drives the industry toward Web3. In early 2023, gamers accounted for nearly half of all blockchain activity, reinforcing the industry's shift towards a decentralized and user-focused gaming ecosystem.

Explosive Growth in Web3 Gaming Investments

The DappRadar x BGA Games Reports reveals a staggering surge in investments within the Web3 gaming sector, reaching an impressive $7.6 billion. It demonstrates a remarkable evolution from the $27.7 million total capital raised in 2019, which subsequently soared to $191 million in 2020. The upward trajectory continued in 2021, with total investments hitting $3.7 billion, underscoring the escalating interest and growing confidence in the blockchain gaming space.

Yoda Labs has thoroughly assessed some of the top funded games between 2021 - 2023, rating them for their engagement, progress, and offering insights into upcoming opportunities.

Lets Go 👇🏼

Exploring the Top Gaming Investments 2021 

1. Sorare ($730 Million Raised)

Yoda’s Conclusion: Still with us💪🏼

Community: 🤩 

Opportunity: Earn up to 10% commissions by promoting Sorare

Playable game? ✅

Sorare has amassed an impressive financial track record, boasting a total raise of approximately $769 million. This Fantasy Sports Game, conceptualized by French developers Nicolas Julia (Co-founder and CEO) and Adrien Montfort in September 2018, has taken the gaming arena by storm. The game's unique proposition lies in allowing managers to curate teams of virtual soccer, basketball, and major league baseball players through digital cards, competing in tournaments for substantial weekly rewards, often reaching thousands of dollars.

Distinguishing itself from competitors, Sorare stands out with enticing prizes, the utilization of original blockchain-based cards, and robust backing from industry giants like Ubisoft and ConSensys. Noteworthy funding milestones include a pre-seed round in May 2019, raising over $500,000 facilitated by Seedcamp, Kima Ventures, and ConsenSys Ventures. Subsequent funding rounds reflect the company's escalating success, with $10 million secured in a seed round led by e.ventures (now Headline) in July 2020 and a substantial $50 million influx through Series A financing in February 2021, spearheaded by Benchmark.

The pinnacle of Sorare's fundraising journey arrived in September 2021 when they secured an impressive $680 million Series B financing led by Softbank.

Initially linked to LOOM, Sorare switched to the Ethereum blockchain in 2019 for a digital commerce system. Partnerships include AC Milan, Roma, Juventus, and West Ham United. The game has attracted sports icons like Serena Williams, Lionel Messi, Zinedine Zidane, Rio Ferdinand, Antoine Griezmann, Gerard Piqué, Blake Griffin, and Rudy Gobert.

Transformational Impact of $680 Million Series B Funding

The $680 million injection transformed Sorare, enabling significant expansions. The company increased its workforce and football club portfolio from 180 to over 300. With the funding, Sorare diversified into other sports, adding all 30 NBA and MLB clubs. They also expanded their coverage to include 55 competitions, solidifying their position as a versatile sports gaming platform.

One of the pivotal outcomes of the fundraising was the acceleration of Sorare's mobile-first experience. The company successfully launched its mobile game on the Apple and Google App Store in 2022.

Moreover, the game itself underwent transformative enhancements, featuring multiple makeovers, updates, and the introduction of new features. Today, Sorare stands tall with an extensive network of over 350 partnerships, a workforce boasting 160-plus dedicated employees, and a staggering total raised capital of $769 million.

Online Presence and Player Rewards System

Despite its Medium page boasting a modest following of 4.6K, Sorare remains committed to keeping its community well-informed with regular updates on the ecosystem, partnerships, and crucial events. In stark contrast, Sorare's Twitter presence is robust, boasting approximately 188.5K followers and maintaining a high level of activity with multiple tweets each day.

Sorare has improved its online presence and gaming experience with enhanced player rewards. The platform has revamped its rewards system, offering enticing prizes like Wallet Rewards, Coins, merchandise, and real-life experiences in competitions and Leaderboard Competitions.

Notably, the real-world experiences, such as 'Fly with AC Milan,' 'Sevilla Derby VIP Experience,' and 'Julio Rodriguez Personalized Video,' add a unique dimension to Sorare's reward system, truly setting it apart as a game-changer in the gaming industry.

Image Rebranding and Implications

Despite boasting an impressive user base of over 3.89 million registered managers, Sorare has identified its association with cryptocurrency as a potential impediment to further growth. Therefore, the platform recently introduced support for traditional currencies such as the U.S. dollar, the euro, and the British pound. This shift aims to stimulate user growth and signals a deliberate effort to mitigate the platform's reliance on cryptocurrency.

Sorare is actively reshaping its image and distancing itself from anything crypto. A notable example is the recent rebranding of non-Common Cards ("Blockchain Cards"), now called "Pro Cards," a move that reflects the platform's commitment to adapting and evolving in response to industry dynamics and user perceptions. 

The implications of this rebranding, whether positive or otherwise, remain to be seen and will unfold with time. Despite these changes, it's essential to note that since Sorare's assets are rooted in blockchain tech, increased platform adoption can only contribute positively to the broader web3 landscape.

2. Mythical Games (~$225 Million Raised)

Yoda’s Conclusion: Still with us and home to the biggest web3 game💪🏼

Community: 🤩 

Opportunity: Possible $MYTH migration from Ethereum to Polkadot

Playable? ✅

Mythical Games is a game technology studio dedicated to forging connections among players, creators, brands, and game developers through tailored experiences and content. The company strategically emphasizes constructing player-owned economies, collaborating with leading game developers and publishers while also nurturing its portfolio of games. 

Guided by seasoned professionals in the gaming industry who have played instrumental roles in developing major franchises, including but not limited to Call of Duty, World of Warcraft, Guitar Hero, DJ Hero, Marvel Strike Force, and Skylanders, Mythical Games is headquartered in Los Angeles, California. 

Recognized as one of Forbes' Disruptive Technology Companies to Watch in 2019 and honored with Fast Company's World-Changing Ideas in 2021, Mythical Games garnered considerable attention. Amid the web3 gaming fervor of 2021-22, the company secured over $300 million in funding across eight funding rounds, per Crunchbase data. 

• Jun 4, 2018 - Seed Round:$1M with Struck Crypto

• Nov 15, 2018 - Series A: $15 million in an undisclosed funding round. 

• Mar 1, 2019 - Series A: Undisclosed amount in funding 

• Nov 4, 2019 - Series A: $19 million led by Javelin Venture Partners

• May 27, 2021 - Series A: Undisclosed amount in funding 

• Jun 9, 2021 - Series B: $75 million led by WestCap

• Nov 4, 2021 - Series C: $150 million led by Andreessen Horowitz

• Jun 27, 2023 - Series C: $37 million led by Scytale Digital

Strategic Acquisitions and Portfolio Expansion

The company's strategic growth extends beyond financial backing, with notable acquisitions enhancing its capabilities and reach. Mythical Games has successfully acquired Arcuity (a former provider of CV/ML engines for the residential industry), Polystream (an interactive 3D content streaming platform), ShortRound Games (a UK-based Video Game Developer Studio), and DMarket (an NFT marketplace), into its expanding portfolio.

The rationale behind Mythical Games' acquisition of Arcuity, which is now defunct, remains undisclosed. However, the company's strategic moves are evident in the release of its digital game asset marketplace, Mythical Marketplace 2.0, following the acquisition of DMarket. Similarly, the acquisition of ShortRound Games and Polystream proves advantageous for Mythical Games as a valuable enhancement to its gaming portfolio.

Challenges and Legal Dispute

Despite its robust financial standing, Mythical Games encountered significant challenges, including hurdles in user acquisition and an ongoing legal dispute involving three of its former co-founders.

The lawsuit filed by Mythical Games against these former executives alleges misappropriation of a strategic business plan, accusing them of diverting approximately $150 million funds into their new venture, Fenix Games, while still employed by Mythical.

Due to high user acquisition costs and the web3 downturn in 2022, Mythical Games made strategic adjustments. This included laying off 15% of its staff and canceling certain projects. The company redirected its focus towards more promising endeavors in the gaming landscape in 2023.

The company introduces a decentralized gaming application, Mythical Platform, harnessing the capabilities of blockchain tech to establish a gaming environment where players possess ownership of any assets they create or acquire. 

Blankos Block Party

Moreover, in 2021, Mythical embarked on a significant milestone by launching its inaugural game, Blankos Block Party, into beta testing. Functioning as an open-world multiplayer game and a platform facilitating the creation of games through NFTs, Blankos Block Party underwent developmental transformations.

Originally conceptualized with a focus on user-generated content (UGC), the game evolved into small, game-like levels during its development. This transformation contributed to the game's unique aesthetic and led to the formation of its distinctive IP.

Initially introduced as a PC game on its website, Blankos Block Party later achieved a milestone by becoming the first live web3 game on the Epic Games Store, marking a notable shift in its accessibility and reach within the gaming community.

Unfortunately, Blankos Block Party didn't attract as much attention as NFL Rivals, and obtaining precise figures is challenging since the game doesn't publicly release such data. ActivePlayer.io reports approximately 50,000 average monthly players for Blankos, a stark contrast to NFL Rivals' nearly 3 million players. 

Consequently, Mythical Games has opted for a comprehensive overhaul, rebuilding Blankos from the ground up and incorporating insights gained from its sister title. Upon release, Blankos will prioritize a mobile-first platform while featuring cross-play capabilities for PC users.

NFL Rivals 

In the spring of 2023, Mythical Games unveiled two additional games, one being the American football title, NFL Rivals. This venture saw Mythical Games collaborating closely with the NFL and Players Association to secure official team and player licensing.

The game has a Campaign mode for PvE matches and a PvP mode where players challenge AI-controlled versions of other players' teams. Mythical Games launched NFL Rivals on mobile platforms through Apple and Google.

The game avoids mentioning blockchain and NFT directly, using terms like tradability and marketplace instead. This strategy is similar to Reddit's "digital collectible" NFTs to avoid potential backlash. In a recent update, Mythical Games introduced NFT card purchases in NFL Rivals using an in-app purchase currency called Credits. This system is similar to the currency approach in games like Diablo Immortal, complying with Apple and Google's 30% fee on transactions.

In June 2023, the game garnered more than a million downloads just two months following its release on both Google Play and the Apple Store on April 26. By September, the player count had exceeded 2 million, and it is currently approaching the impressive milestone of 3 million new players. NFL Rival is undoubtedly one of the most downloaded and played web3 games.

Nitro Nation World Tour

Following the NFL Rivals, Mythical Games swiftly introduced the Nitro Nation World Tour (NNWT), which it soft-launched in May and achieved global availability in September. This racing game is collaborative with the original Nitro Nation developer, Creative Mobile Games, and boasts graphical enhancements over its predecessor. NNWT aligns with the street racing genre, akin to popular titles like Need for Speed, Asphalt, and CSR. The core gameplay involves collecting and upgrading cars, presenting an ideal context for incorporating NFTs. Notably, NNWT has garnered over 500k downloads on the Google Play Store.

In addition to NNWT, Mythical Games announced the development of Epic Spell Wars: Magic Fight, an NFT trading card game inspired by the well-loved franchise from Cryptozoic Entertainment. The game is currently in progress and is scheduled for release later this year.

Business Strategy and Ecosystem Development

Mythical Games has partnered with Burberry, DeadMau5, Quiccs, El Grand Chamaco, and the Miami Dolphins to generate interest in its game portfolio. The company actively participates in web3 events and occasionally hosts its own events. While its social media presence may not be daily, Mythical Games maintains an engaged online profile, covering significant events and interacting with its audience. The company has successfully advanced its blockchain tech and released more web3 games. By collaborating with contractor developers, acqui-hiring, and establishing partnerships, Mythical Games has expanded its ecosystem and diversified its game portfolio.

Financial Performance and Profitability Concerns

The company has demonstrated notable growth and revenue, partially attributable to the financial runway provided by investment funds. However, the proximity of Mythical Games to true profitability remains uncertain. 

An additional consideration is the decline in the value of its native Mythos Token, dropping from $1 to $0.31 since the launch of NFL Rivals. This fluctuation may pose a potential vulnerability in its ecosystem strategy.

Notably, in 2021, the company secured a $75 million investment to build a "Mythical Economic Engine." This engine was to assist aspiring game builders in creating NFT-based marketplaces without encountering regulatory challenges. Despite this, there is yet to be a tangible demonstration of this initiative coming to fruition. 

Additionally, Mythical Games' decision to migrate from Ethereum to Polkadot for its Mythos ecosystem raises questions about the wisdom of this move, with its ultimate impact yet to be revealed. Following the announcement in April, the Mythos token did not experience significant surges. In fact, it witnessed a steep decline a few days after, as we discussed above.

3. Limit Break ($200 Million)

Yoda’s Conclusion: Still with us but still no release🥲

Community: 🤩 

Opportunity: Chibi Digi Starter Packs NFT Drop

Playable? 🤷🏻‍♂️

Established in 2021 by Gabe Leydon and partner Halbert Nakagawa, Limit Break is poised to revolutionize the gaming and NFT landscape. Leydon, a trailblazer in free-to-play mobile games at Machine Zone (sold for $300 million in 2020 to AppLovin), later founded Limit Break as a blockchain game company. 

Notably, Leydon successfully secured $200 million in funding for Limit Break last year from investors such as Buckley Ventures (headed by Josh Buckley, founder of Mino Games), Paradigm, now-defunct FTX, Coinbase Ventures,and more.

Limit Break challenges the traditional free-to-play gaming model by distributing NFTs, as it did during this year's Super Bowl through a QR code and interactive ad that disseminated thousands of DigiDaigaku Dragon eggs.

Revolutionizing NFT Marketplaces

In May 2023, Limit Break released ERC721-C, an innovative solution to the NFT royalty debate. In June 2023, they introduced on-chain programmable royalties with ERC721-C, allowing users to block exchanges that don't guarantee royalty payments.

Limit Break also created the PAYMENT PROCESSOR, the first NFT marketplace contract that consistently pays sellers, marketplaces, and royalties. This processor offers efficient gas usage and allows creators to control which ERC-20s can be traded on their collections. It is particularly beneficial for game developers, who can restrict NFT trades to their in-game currency or create exclusive items with a minimum trade value of $5k USDC.

Limit Break currently offers two products, FreeNFT and DigiDaigaku.

FreeNFT: Bridging Billions to Digital Asset Ownership

FreeNFT, established in November 2022 by Igor Lenterman, Harvey Pratt, and Lucas Lenterman, seeks to facilitate digital asset ownership for billions of individuals. The platform allows users to discover and register for a chance to win Free NFTs from its partner projects. Notably, FreeNFT has launched some of the most successful Free NFTs in the industry's history, including renowned projects like DigiDaigaku, Dimensionals, Castaways, Anipang, and more. In March 2023, Limit Break acquired FreeNFT.

DigiDaigaku: A Hard To Miss Collection

The DigiDaigaku series, part of Limit Break's gaming endeavors, enhances the player experience in Web3 games such as Ether Orcs and Castaways. Notably, the DigiDaigaku Genesis NFT project is particularly appealing to anime NFT enthusiasts. The Genesis collection, initially launched as free-to-mint NFTs on August 9, 2022, features various Crafting Collections that allow users to create different characters.

The DigiDaigaku Genesis collection has gained substantial traction, generating over 29,000 ETH in trade volume on OpenSea, with a floor price of 3 ETH. The associated Adventure Hub offers two blockchain games, Castaways and EtherOrcs, allowing Genesis holders to play these games as their characters.

On the social media front, Limit Break's official Twitter has around 55K followers, although it posts infrequently. In contrast, DigiDaigaku's Twitter is highly active, engaging in multiple daily tweets and extensive fan interaction, boasting around 263K followers.

While specific updates on Limit Break are currently unavailable, there's anticipation for a future mobile game release from the company. Given its foundation by industry leaders in mobile gaming and the substantial $200 million raised, such an expectation aligns naturally with Limit Break's trajectory.

4. Sky Mavis ($152 million)

Yoda’s Conclusion: Still with us💪🏼

Community: 🤩 

Opportunity: Project T Whitelist + RONIN expansion having new games built on it such as Battle Bears

Playable game? ✅

Sky Mavis, a renowned name in the gaming industry, is the driving force behind Axie Infinity Series, Ronin Blockchain, Mavis Market, and Mavis Hub. The diverse gaming portfolio includes titles such as Axie Infinity: Origins, Axie Infinity: Homeland, Axie Classic, Project T prototype.

The company gained significant attention with a remarkable fundraising achievement in October 2021, securing a staggering $152 million. This substantial raise, backed by notable investors like Andreessen Horowitz and Mark Cuban, propelled Sky Mavis to a valuation of $3 billion, marking it as one of the industry's major players. 

The objective was clear — to spark a developer and player revolt against the traditional gaming establishment. This mission succeeded as Axie Infinity emerged as a groundbreaking force in the NFT gaming realm in 2021.

Axie Infinity: NFT Gaming Phenomenon

Axie Infinity launched in 2019, with its first battle system entering alpha phase in December. The timing aligned with the COVID-19 pandemic, allowing people to earn money through gaming during uncertain times. However, challenges emerged as players found the gameplay slow and unrewarding, especially with the payout structure.

In March 2022, the Ronin Network experienced a security breach, resulting in the theft of 173,600 ether and approximately US$25.5 million in USDC. The stolen tokens were valued at around US$620 million, leading to many players quitting Axie as their profits were wiped out. 

Sky Mavis responded swiftly, announcing a US$150M funding round in April 2022, just a week after the hack. Although the developer successfully refilled the Ronin Network bridge and reimbursed users from its balance sheet, the funding round only raised US$11M, causing a decrease in Sky Mavis' valuation from US$3B to US$1.95B.

During the crypto winter and hacking scandal, Sky Mavis adapted by launching Axie Infinity: Origins. This new version shifted to a traditional microtransaction model, eliminating crypto involvement. It became a free-to-play game, relying solely on microtransactions. While this benefited the developers, it left original Axie Infinity players in a transitional phase.

Rebound and Collaborations

Despite setbacks, Axie Infinity rebounded from a $625M hack, implementing core system overhauls in March 2023 for enhanced decentralization and security. The company also partnered with game development studios, expanding the Axie Infinity universe and allowing select games to use the Axie IP. Sky Mavis maintains a strong social media presence, particularly on Twitter, with over 157K followers. Regular engagement with users and updates demonstrate a commitment to fostering a vibrant community.

Through consistent efforts, Sky Mavis continues to build and innovate even in the challenging landscape of the crypto winter. In August 2023, the company launched an early prototype of Project T, a new addition to the Axie gaming realm. Anticipation surrounds the upcoming months as gamers eagerly await the full release of Project T.

Exploring the Top Gaming Investments 2022 

1. Gunzilla Games ($46 Million)

Yoda’s Conclusion: Almost there💪🏼

Community: 🤩 

Opportunity: HEX airdrop, $GUN token launch (TBA)

Playable game? 🔜

Established in 2020, Gunzilla Games stands out as an independent AAA developer with a strong focus on crafting a next-generation multiplayer shooter IP. The company operates across three key locations: Frankfurt, Germany (HQ); Los Angeles, USA; and Kyiv, Ukraine. Guided by the leadership of CEO Vlad Korolev and CSO Alexander Zoll, both seasoned entrepreneurs, Gunzilla boasts a diverse team sourced from industry-leading studios like Ubisoft, Electronic Arts, and THQ.

Adding to its creative prowess, Gunzilla Games welcomed Oscar-nominated screenwriter, director, and producer Neill Blomkamp as Chief Visionary Officer. Other notable contributors include Richard K. Morgan, the acclaimed author of the Altered Carbon series, and Chief Technology Officer Timur Davidenko, a key figure in CryEngine development.

In a significant funding round in August 2022, Gunzilla Games secured $46M . This investment fueled the creation of GunZ, an innovative platform that empowers players with complete ownership of their in-game possessions. GunZ is the foundation for "Off The Grid" (OTG), an upcoming AAA title from GunZilla Games.

Off The Grid: A Next-Gen Battle Royale

Gunzilla Games successfully launched GunZ in April 2023, establishing a blockchain-based digital economy platform built on an Avalanche Subnet. Leveraging this technology, other gaming studios can utilize the GunZ SDK and white-label components to develop and launch their own projects. TECHNOCORE became the first game to launch on the GunZ platform, preceding the anticipated OTG.

Looking ahead, GunZ plans to unveil its native token, GUN, soon. Despite the Official Gunzilla Games Twitter page having 23.8K followers, the Official GUNZ Twitter page boasts over 55.7K followers. At the same time, OTG commands a substantial following of 77.7K on its Twitter page. The studio actively engages with its fanbase, showcasing a strong social media presence.

In a strategic move in September 2023, Gunzilla collaborated with some of the biggest gaming personalities Dr. Disrespect, Clix, and Imperialhal to present a 17-minute gameplay walkthrough of their next-gen battle royale game, "Off The Grid" (OTG) shows the extent of reach the studio aims for.

Set for a late 2023 release across platforms like PS5, Xbox, and PC, OTG promises a compelling blend of a 60-hour narrative campaign envisioned by Blomkamp and 150-player skirmishes, all within the immersive cyberpunk realm of Teardrop Island.

2. Xterio ($40 Million)

Yoda’s Conclusion: Almost there💪🏼

Community: 🤩 

Opportunity: $XTER Launch and airdrop (TBA), NFT drops like Mechpal-Age of Dino on its Launchpad

Playable game? 🔜

Founded in 2022, Xterio emerges as a trailblazing free-to-play-and-own gaming and game publishing platform, orchestrated by a cohort of seasoned game veterans from acclaimed studios like FunPlus, Electronic Arts, Zynga, Activision Blizzard, Krafton, Jam City, NetEase, and others.

In August 2022, Xterio achieved a significant milestone by securing $40M in a funding round. This financial backing, spearheaded by game developer FunPlus, alongside contributions from now-defunct FTX Ventures and blockchain gaming platform XPLA, is earmarked for advancing game development and expanding the platform. 

Further fortifying its position, Binance Labs injected an additional $15M into Xterio in July 2023. This infusion of capital is to bolster the platform's game offerings, integrate artificial intelligence, and launch its native token, $XTER, as an integral part of the BNB Chain ecosystem.

Xterio's Unique Proposition

Xterio combines a play-to-earn gaming platform with a GameFi-as-a-service product for developers in its partner network. As the exclusive partner of FunPlus, a global developer known for mobile strategy games, Xterio manages all NFTs for current and future game titles.

Overseen by the Switzerland-based nonprofit Xterio Foundation, the platform provides users with a multifaceted experience, encompassing a marketplace, a launchpad, and a custodial crypto wallet. On the developer side, Xterio streamlines the transition for Web2 game makers to Web3, facilitating tasks such as NFT minting, in-game trading, and regulatory compliance.

Xterio's Outreach and Presence

With a substantial Twitter following of 152K, Xterio, although not prolific in its tweet frequency, maintains a robust social media presence. Committed to empowering content creators, Xterio recently introduced a beta version of its pro-creator marketplace, representing an initial stride towards more exciting developments.

Diverse Offerings and Anticipated Releases

The Xterio ecosystem extends its support through the Game Partners Program for game developers and the Xterio Creator initiative for content creators. Offering a diverse lineup, Xterio presents first-party games like Age of Dino, Overworld, TTT, and Palio, alongside over 20 partner games, including BlockLords. While Age of Dino is open for pre-registration, Overworld, TTT, and Palio are currently in the developmental phase.

Moreover, Xterio plans to launch the XTER token at the end of Q1-2024, and the token will underpin every project featured on the Xterio platform. Additionally, gamers can eagerly await the launch of Xterio's game, Age Of Dino, later this year.

3. C2X- Rebranded to XPLA Games ($25 Million)

Yoda’s Conclusion: Building and growing🚀

Community: 🤩 

Highlight: +1M downloads

Opportunity: Airdrops and regular Twitter Giveaways

Playable game? ✅ 

XPLA Games (formerly C2X) offers a comprehensive solution for blockchain games, encompassing token economics, NFT marketplaces, and wallets.

The gaming platform originally operated on Terra but transitioned to the XPLA mainnet, a versatile content hub fostering creative experiences spanning drama, film, fashion, art, and design. XPLA, built on the Tendermint-based layer1 blockchain, provides an XPLASIVE experience. C2X chose XPLA as its preferred partner, leading to its rebranding as XPLA GAMES in March 2023.

In March 2022, XPLA Games secured $25 million in funding through a private token sale led by now-defunct FTX Ventures, Jump Crypto, and Animoca Brands, valuing the platform at $500 million. With these funds, XPLA Games evolved into a Web3 gaming platform, introducing the first community engagement launchpad utilizing demos to foster a continually growing Web3 gaming community and mitigate risks.

XPLA GAMES features the Game Launcher, enabling users to validate games for potential entry into the ecosystem. The platform introduced $CTXT, a Governance Token, and Game Governance, a unique form operated by individual Game Providers and Fan Card Holders contributing to a game's launch.

Aside from an in-house wallet, XPLA Games hosts a decentralized marketplace for trading XPLA assets and an Airdrop zone for diverse airdrops.

Expanding Game Portfolio

The platform boasts an expanding portfolio of games, including The Walking Dead: All Stars (from acclaimed Walking Dead IP), Ace Fishing: Crew, Baseball Superstars 2023 (with over 1 million downloads on Google Play Store), Mini Game Party, Summoners War: Lost Centuria, Kritika Global, Chromatic Souls: AFK Raid, Ilde Luca, among others.

On the social front, XPLA GAMES maintains a robust presence with over 77.2K followers on its official Twitter page and often engages with gamers with discussions and teases its gamers with sneak peeks.

Upcoming milestones for XPLA Games include new services for the community, $CTXT Staking, $CTXT Governance, NFT Staking, NFT Utility, NFT Governance, and the anticipated release and onboarding of more games in 2023.

4. Community Gaming ($16 Million)

Yoda’s Conclusion: Growing🚀

Community: 🤩 

Highlight: +100 esports tournaments organized

Opportunity: ~

Playable game? Tournaments available ✅ 

Community Gaming is an esports platform that caters to all industry stakeholders. It offers a user-friendly interface and scalable payment technology for players, organizers, and game developers. The platform ensures immediate payout of players' earnings through smart contract payment technology. Players can earn money through tournament participation, hosting events, leaderboards, and the weekly Quest system.

Community Gaming also organizes in-person events across the US through a venue network. With over 100 events organized for top global esports, Community Gaming is a prominent player in the industry.

Investor Backing and Strategic Partnerships 

In April 2022, the platform raised $16M in Series A funding during the crypto bull market, securing support from prominent names like Softbank, Binance Labs, ConsenSys Mesh, Bitkraft, Polygon Labs (then Polygon Studios), and Animoca Brands.

Moreover, Community Gaming has formed strategic partnerships with game developers such as Sky Mavis, Horizon Games, and Thetan Arena. The platform has secured collaborations with key partners like Facebook Gaming, Fractal, Polygon, and MakerDAO.

In June 2023, Community Gaming collaborated with Game7 and 3XP Gaming Expo to spotlight Web3 games in a festival encompassing esports, creators, and brands. As an official technology partner for 3XP Gaming Expo, Community Gaming powered all gaming tournaments, exhibitor rewards, and tournament payouts.

Despite a follower count of 20.6K on its official Twitter page, Community Gaming maintains a strong social media presence. 

In April 2023, facing a broader market downturn, Community Gaming underwent a workforce reduction of 17 employees, constituting over 17% of its headcount. However, CEO Chris Gonsalves highlighted the company's significant growth, more than doubling its user base from around 100k in April 2022 to 250k in April 2023. 

Global Expansion and Funding Impact

The $16 million funding injection facilitated global expansion and platform enhancement, including the development of the Quest System. Continuous updates and features, such as passwordless login and social sign-on introduced in July and August 2023, respectively, demonstrate Community Gaming's commitment to refining and expanding its offerings. 

The platform also used the $16 million capital injection to grow operations in Latin America and Southeast Asia, exemplified by the successful establishment of Community Gaming LatAm. While the company has not teased any major upcoming events, Community Gaming remains dedicated to its ongoing development and user-focused updates.

5. Immortal Game ($15.5 million)

Yoda’s Conclusion: Still with us🙏🏼

Community: 🙁

Highlight: Mobile app release aimed to grow the game

Opportunity: Possible tokenomic reassessment (could include burn or re-issue)

Playable game? ✅

Immortal Game is a forward-thinking tech startup revolutionizing chess in web3 through the incorporation of NFTs, a marketplace, and P2E rewards, allowing players to earn tangible assets while enjoying the game.

In September 2022, Immortal Game successfully secured $12M in funding, adding to the $3.5 million raised in the previous financing round in July 2022. The total funding for Immortal Game reached an impressive $15.5M, with notable participation from investment firms like TCG Crypto and Kevin Durant's 35 Ventures.

Chess on the Blockchain

Founded in 2021, Immortal Game is a chess gaming portal that combines the classic game with blockchain-based features. This Ethereum-based project caters to mobile phones and PCs, aiming to bring chess and gaming into the blockchain space. The core of Immortal Game's venture is gamification and social engagement through NFTs. After securing funding, the team launched a closed beta in June 2022, recruiting over 50 global chess ambassadors and social media influencers to amplify the game's reach. Players earn NFTs called "Immortals" by participating in the game and completing tasks and challenges. Immortal Game also has a marketplace for trading these NFTs.

Platform Dynamics

To thrive in Immortal Game, players engage in matches, contribute actively to the ecosystem, and complete quests to increase their leaderboard points. The platform offers comprehensive training tools, puzzles, and analysis features to unlock players' chess potential. You can also watch the ongoing tournaments live on the website.

While the official wiki lacks details on the game's tokenomics, Immortal Game operates on a dual-token structure comprising a governance token, $IGE, and a utility token, $CMT. The CheckMate Token ($CMT) is listed on Coingecko, and the platform uses ETH for trading in the native marketplace.

Community Growth

The community surrounding Immortal Game has grown steadily since its inception, with active engagement on Discord and Twitter. Despite the relatively niche nature of chess, the game boasts 13k Twitter followers and a Discord server with 20k members with reactions in 2 digits numbers to the announcements on discord is not showing a strong foundation currently.

However, the team is still actively organizing the 'Weekly Standard,' 'Weekly AP,' and 'Weekly IP' tournaments, each featuring a transparent prize pool counter. Past tournaments, such as NFT Paris, Alireza's Bullet Tournament, and Winter Tournament Series, are showcased on the site. As Immortal Game evolves, users can anticipate continued innovation and growth in the web3 chess arena.

Exploring the Top Gaming Investments: 2023 

1. Believer ($55 Million)

Yoda’s Conclusion: 💨?🤔 

Community: Unborn🪦

Opportunity: 🥶

Playable game? :🌚

Believer Entertainment, a nascent studio founded by industry veterans from Riot Games, successfully secured $55M in Series A financing in March 2023.

Established in April 2022, Believer Entertainment is spearheaded by CEO Michael Chow, a former vice president at Riot Games and co-founder of Newtoy, the developer behind Words With Friends. Notably, industry giants Zynga and Riot Games acquired Chow's previous ventures. The leadership team includes Chief Product Officer Steven Snow, a founding member of Riot Games renowned for his role in the success of League of Legends.

No NFTs?

Despite having prominent backers from Web3, Believer Entertainment rejects the adoption of NFTs.  In a TechCrunch interview, Steven Snow said, "We say 'no f#cking thanks' to NFTs," reflecting their stance on these technologies, citing their incongruity with the essence of enjoyable gameplay. While not dismissing Web3 entirely, the company asserts that more research and development are requisite before contemplating its integration into their games.

Being less than a year old and keeping their original intellectual property tightly guarded, it remains uncertain when we'll receive further insights. Regrettably, the company currently lacks a social media footprint. The team, however, recognizing that the development cycle for most open-world games typically spans three to five years, continues to expand through ongoing hiring initiatives.

2. Intella X ($12 Million)

Yoda’s Conclusion: Building and growing🚀

Community: 🤩 

Highlight: World class traditional game publisher

Opportunity: NFT drops in Launchpad, Potential $IX launch/airdrop for platform use

Playable game? ✅

Intella X, Intella X, a cutting-edge gaming platform on the Polygon network, prioritizes inclusive gameplay and user-friendliness. It aims to make gaming accessible to all, providing an optimal environment for gamers and developers.

Intella X stands out by fostering a contributor-oriented ecosystem. The platform rewards developers and users connected to it through innovative revenue methods. It seamlessly manages backend activities, enhancing the overall gaming experience.

In January 2023, NEOWIZ, a leading game giant in South Korea and the parent company of Intella X, closed a private funding round, securing $12M for the platform. Over 20 investors from diverse sectors participated, with notable names including Polygon, Animoca Brands, Magic Eden, Planetarium, Big Brain Holdings, Global Coin Research, Crit Ventures, JoyCity, Pearl Abyss, XL Games, and WEMIX.

NEOWIZ, the brains behind Intella X, boasts a rich history of game development with titles like Lies of P, FIFA Online 2, and Cats and Soup. As per a post on Polygon's website, Neowiz IP games will transform into Web3 games on the Intella X platform.

Decentralized Revenue Distribution

Intella X sets itself apart by perpetually rewarding contributors comprising game developers and users in its ecosystem with the native platform token, IX (Intella X Token)

Impact Of The Fund

Armed with the $12 million funding, Intella X rolled out a range of services, including its DEX, NFT Launchpad, and NFT marketplace. The platform's ecosystem expansion was evident with the soft launch of the 'Intella X Wallet (IX Wallet)' for Android and web versions in Q1, followed by the web wallet in Q2.

After securing funding, Intella X announced a robust lineup of initial ecosystem partners featuring over 30 top-tier global entities. Partnerships include Polygon, Animoca Brands, Magic Eden, Big Brain Holdings, and more. 

In March 2023, Intella X took the stage at the Game Developers Conference (GDC) in San Francisco, featuring three standout products at Polygon's booth. The lineup included the first-person shooter "A.V.A," the NFT PFP project 'Early Retired Cats Club,' and an enticing demo for the highly anticipated Web3 MMORPG, 'EOS Gold,' crafted by Blue Potion Games.

Later, in May 2023, Intella X introduced the Gaming Initiative Grant Program, offering a substantial $10 million grant. This initiative, geared towards supporting Web2 and Web3 game developers, fosters the creation of cutting-edge, high-quality games tailored for the Intella X.

Strategic Collaborations And Active Participation In Key Events

August was pivotal for Intella X as it joined forces with ChainLink Labs. This collaboration aims to leverage Chainlink's benchmark Web3 services, particularly Chainlink VRF, to enhance the clarity and dependability of blockchain-oriented games developed on the platform. 

Additionally, Intella X forged a partnership with the Aptos Foundation, focusing on technical reviews, business consulting, and the future expansion of the Intella X ecosystem. 

The platform continued to expand its network with collaborations with DMTP, Pacific Meta, Mercuryo, Spaceport, Kana Labs, Avalanche, Ancient8, YGG, CoinMusme, and more.

3. Illuvium ($10 Million)

Yoda’s Conclusion: Still with us building💪🏼

Community: 🤩 

Highlight: To be regulated in virtual assets in Dubai (Strong focus for future growth)

Opportunity: The Illuvitars Wave Two- Extended Run NFTs, Illuvials NFTs (TBA), token airdrop for early testers (👀?)

Playable game? 🔜

Illuvium stands as an eagerly anticipated open-world exploration RPG, offering players a captivating journey into the world of NFTs and auto-battler gameplay across diverse alien landscapes. Fueled by the native token, $ILV, participants embark on an adventure to hunt Illuvials, turn them into valuable NFTs, and compete for top positions on the leaderboard.

Players can explore Illuvium in Tier 0 regions for free. They capture Illuvials, solve mysteries, and navigate challenging terrains. Illuvium is the first AAA level blockchain game.

In June 2023, Illuvium secured an additional $10 million in funding from Framework Ventures, reaffirming their longstanding support after leading a $5 million funding round in March 2021. Following a remarkable $72 million LAND sale in June 2022, the recent injection of funds expedites Illuvium's development, with active hiring initiatives underway.

Current Developments

With over 200 experienced designers and developers working since 2020, Illuvium is currently in its Private Beta phase, anticipating

Illuvium, a hyped crypto game, has experienced a 97% drop in ILV token value since 2021. Tokenomics heavily favor investors, with a significant allocation to the team and investors. The upcoming full-game release raises the question of reviving the token's strength, but the team must address the perception of prioritizing investors over players.

Currently, Illuvium Overworld and Illuvium Arena are in the Beta phase, while Illuvium Zero is in the Alpha stage. The fully launched version, Illuvium Beyond, is already captivating players. Speculations are rife that a complete game launch is on the horizon for 2024.

4. Azra Games ($10 Million)

Yoda’s Conclusion: Still with us and building💪🏼

Community: Calm 🤔

Opportunity: Possible native token and new NFT series launch (First collection 2886ETH volume)

Playable game? 🔜

Azra Games secured $15 million in a Seed Round in May 2022, followed by an additional $10 million seed funding in February 2023. This Sacramento-based web3 games studio, founded by former EA and BioWare executive Mark Otero. Backed by notable investors such as a16z, NFX, Play Ventures, Franklin Templeton, Coinbase Ventures, ROK Capital and more.

Azra Games' Mission and Leadership

Mark Otero, the brains behind Azra Games, brings a seasoned development team with a track record of collaborating on blockbuster titles like Star Wars, Mass Effect, Dragon Age, Battlefield, and more. The studio's inaugural title, Legions & Legends, is a mass combat strategy RPG which they are constantly sharing update videos for.

Otero started making video games while working at Mochii Yogurt in Sacramento. He later left the yogurt business to create his own game development company, which was later bought by EA.

During his tenure at EA, Otero spearheaded the development of Heroes of Dragon Age and played a pivotal role in managing Star Wars: Galaxy of Heroes. This mobile game surpassed $1 billion in revenue, as disclosed in an EA earnings call in 2021.

Taking a hiatus from the video games industry after his successful stint at EA, Otero came back in late 2021, convinced that player-owned assets, especially NFTs, were the future of free-to-play games. He formed a team from his time at EA and started Azra Games.

Azra Games maintains an active social media presence, particularly on Twitter, boasting 52.5K followers. The studio consistently engages with its player community, offering sneak peeks teasers, and fostering discussions.

Exclusive Offerings

Azra Games introduced the Play Forever Pass™, an exclusive offering that grants access to a private Discord, early previews, exclusive invitations, and special drops which has amassed nearly 2840 ETH in volume.

In October 2023, Azra conducted a closed playtest for Project Legends at the LA office with eight carefully core gamers.

Azra is gearing up for Legions & Legends in 2024.

5. Argus ($10 Million)

Yoda’s Conclusion: Still with us and building💪🏼

Community: 😌

Opportunity: Native token launch, ARGUS GENESIS OE NFTs, undisclosed games waiting for launch

Playable game? 🔜

Argus, a dynamic game developer/ publisher, is driven by a collective of hackers and designers on a quest for groundbreaking paradigm shifts. Beyond conventional game development, Argus has structured its identity around three pivotal pillars: a Research Lab, a Game Studio, and a Game Publisher.

The brainchild of founder Scott Sunarto, a co-creator of the crypto game Dark Forest that launched in 2020, Argus thrives on the belief that many game elements can seamlessly integrate onto the blockchain through techs like Zero-Knowledge Proofs (ZKPs)

A Paradigm-Shift Pursuit

Argus' innovation is centered around its flagship product, the World Engine. This groundbreaking SDK enables game developers to create their own layer-2 blockchain networks using ZKPs on Ethereum.

The World Engine is compatible with all Ethereum wallets and tools, functioning as an EVM-compatible blockchain. Developers have the flexibility to customize their chains and determine the level of on-chain operation for their games. The World Engine also supports user-generated content through the blockchain, allowing for the development of complex games like MMORPGs entirely on-chain. The goal is to provide game developers with extensive customization options and empower players to build communities and initiatives within Web3 games.

Argus secured a $10M seed round in June 2023, led by Haun Ventures and other notable investors including former Coinbase CTO Balaji Srinivasan. With this funding, the Argus team is preparing to launch the full World Engine and focus on their upcoming game set to release later this year.

Game-Changing Beta: World Engine and Cardinal

In June 2023, Argus unveiled the beta version of the World Engine, a major milestone. They also introduced Cardinal, a powerful game shard that efficiently manages performance-intensive games. Cardinal seamlessly integrates with popular game engines like Unity and Unreal.

Later, Argus released the ARGUS GENESIS collection—an open edition NFT collection on the Zora platform. While the collection currently offers no utility or specific perks, holders anticipate future perks.

Community Engagement: Discord, Twitter, and Beyond

Argus is actively onboarding studios to the World Engine private beta through an exclusive invitation-only approach. On the social front, Argus commands a robust community presence with 7.8K members on its Discord and 9.9K followers on Twitter. 

The studio actively engages with the community, participating in and hosting workshops and events at prominent gatherings like EthCC (Largest Annual European Ethereum Gathering),  Modular Summit,  ETHGlobal (Paris 2023), Modular Hacker House, and Interchain Hacker House during KBW in Korea.

Argus currently maintains an air of mystery with three undisclosed secret games showcased on its website, withholding details, including their names. The company is also in active recruitment mode, seeking new talent to expand its workforce. With ambitious plans, Argus aims to unveil the complete World Engine in the forthcoming months.

Conclusion

Web3 gaming isn't just a trend; it's a game-changer. With self-contained economies rewarding players, it's transforming how we view gaming. Despite a dip post-COVID peak, a new wave of cutting-edge games is emerging. The influx of interest and capital into Web3 gaming signals it's not just an investment; it's the future of gaming. Blockchain integration promises a dynamic and lucrative journey for the industry.

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