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Axie Infinity earned less than $1 million for the first time since early 2021

The blockchain-based game Axie Infinity brought in only $988,400 in revenue last week — the first week the play-to-earn (P2E) game has clocked less than $1 million since February of 2021.   Axie, the darling of the P2E world, experienced a meteoric rise in popularity in the summer and early fall of 2021. At its peak, the game accrued over $215 million during the week of August 8, 2021. In October of that year, Axie’s creator Sky Mavis had even …

NFT-based game Illuvium raises $72 million in digital land sales

Illuvium, a monster-battle roleplaying game that incorporates non-fungible tokens (NFTs), announced Sunday that it raised over $72 million in digital land sales.  The land sale occurred between June 2 and June 5, 2022. Of the 20,000 plots of land available, 19,969 were sold, with the remaining 31 plots of land to be held for future giveaways.  Illuvium also notes that there were no gas wars during the land sale, which is when Ethereum gas prices increase due to heightened demand …

Animoca Brands acquires mobile gaming startup Notre Game

Crypto software and venture capital firm Animoca Brands announced Friday the purchase of Notre Game, a gaming firm that incorporates physical and digital items into its titles.   Animoca Brands now owns 100% of the issued capital for Notre Game, marking yet another acquisition of a blockchain gaming startup for the firm. Notre Game will continue to operate as a subsidiary of Animoca, the firms said in a press statement. Notre Game is a Prague-based gaming startup founded in 2016. Its …

Immutable proposes the Otherside metaverse should be built on its Layer 2 network

NFT startup Immutable submitted a proposal to the ApeCoin DAO on May 27 to have the Otherside metaverse built on its network: Immutable X. Immutable’s proposal notes that the cost to integrate, mint and transfer assets on its network would be zero, while primary and secondary sales would incur a fee of just 2%. The proposal goes on to say that Immutable has been working to bridge the “gap between highly technical and complex blockchain technology and mass-audience adoption for …

Kongregate and Immutable launch $40 million fund for blockchain games

Game developer Kongregate and Ethereum scaling startup Immutable announced a $40 million fund to develop blockchain-based games.  Launched in 2006, Kongregate’s website Kongregate.com became a home for free-to-play independent web games. With this new fund, comprised of the IMX token pool, Kongregate.com will begin incorporating blockchain-based games later in 2022 and ultimately rebranding to a web3-oriented gaming site. Kongregate.com’s blockchain-based rebrand also includes tools for blockchain-based game developers, such as through tokenomic consultations. “With the relaunch of Kongregate.com for web3, …

Gaming platform Bud raises $37 million in round led by Sequoia Capital India

Bud, a gaming platform powered by user-generated content, has raised $36.8 million in a Series B round led by Sequoia Capital India. ClearVue Partners, NetEase and Northern Light Venture Capital also participated in the round, alongside existing investors GGV Capital, Qiming Venture Partners and Source Code Capital, Bud said in a release on Tuesday.  Founded in 2019 by former Snap engineers Risa Feng and Shawn Lin, Singapore-headquartered Bud describes itself as a “metaverse” platform encouraging users to create and share …

GameFi firm Azra Games raises $15 million in seed funding led by a16z

Azra Games, a blockchain gaming startup, raised $15 million in seed funding, according to a Thursday announcement. The venture capital firm Andreessen Horowitz (a16z) led the round, with additional participation from NFX, Coinbase Ventures, Play Ventures and Franklin Templeton.  Azra Games will use the funds to build out its first game Project Arcanas, a sci-fi fantasy epic with mass combat and role-playing game (RPG) elements. The game will feature web3 technology like virtual collectibles.  The firm was founded by Mark …

a16z launches $600 million fund to invest in gaming industry

Venture capital firm Andreessen Horowitz (a16z) has raised $600 million to build the future of the gaming industry. The firm has been investing in gaming for over a decade, but the new fund will “play a pivotal role in defining how we socialize, play, and work over the next century,” the firm said in a blog post announcing the move. With the new a16z fund, named “Games Fund One” the team plans on investing on various different themes within the …

Crypto manager Ikigai raises $30 million for web3-focused venture fund

Ikigai Asset Management, a Puerto Rico-based crypto asset management startup that deploys capital for more than 275 investors, announced Tuesday that it raised $30 million in venture funding.  Ikigai opened up the investment pool to any of its 275 limited-partner investors. The firm intends to use the venture funding for its Ikigai Trust Revolution Opportunities fund, which is designed to invest in startups or projects related to the metaverse, blockchain gaming, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs) and other …

6th Man Ventures is raising $145 million for a second crypto fund

Mike Dudas of 6th Man Ventures has amassed the bulk of $145 million from a who’s who of big name crypto investors for his second venture fund. 6th Man Ventures, a venture capital firm co-founded by Dudas and StayTuned Digital CEO Serge Kassardjian, is the final stages of closing the $145 million raise, Dudas said in an interview with The Block. They have already collected $140 million. Limited partners for the fund include Galaxy Vision Hill, Three Arrows Capital, Sino …