Blockchain gaming has emerged as a significant trend in the gaming industry, attracting the attention of institutional firms. According to Konvoy’s Q3 2024 Gaming Industry Report, venture capital funding for gaming reached a staggering $517 million in the third quarter. The report highlighted the rising interest in blockchain games, with less funding going into AI-related companies compared to blockchain in 2021.
DappRadar’s Blockchain Gaming report for the same period revealed that blockchain gaming dominated the broader Web3 space, with 4.4 million daily active wallets recorded. This accounted for 26% of all decentralized app (dApp) activity in Q3, despite a drop in investments compared to the previous quarter.
Ilman Shazhaev, the founder of Farcana, a 4v4 shooter game where players can earn Bitcoin, shared his thoughts on the growing interest in blockchain gaming. He emphasized the potential of blockchain technology to enhance gaming experiences, asset ownership, and user engagement. Shazhaev cited VanEck’s recent investment in Gunzilla Games, which created the Off The Grid game, as evidence of institutional recognition of blockchain’s potential in gaming.
Shazhaev projected that the investments made in 2023 and 2024 would yield significant outcomes for the blockchain gaming sector in 2025. He believes the industry has matured beyond the Play-to-Earn model and is ready to unleash the full potential of blockchain in gaming. However, he acknowledged the challenges faced by developers in gaining the trust of traditional gamers and emphasized the importance of focusing on gameplay rather than solely extracting value.
Farcana, in particular, is undergoing a major overhaul to enhance its mechanics and overall appeal. The game aims to leverage artificial intelligence and tokenized real-world assets to create an immersive experience and set a new standard in the industry. Shazhaev emphasized the team’s commitment to building a strong community and navigating the complexities of the broader financial market to attract a mass audience.