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Cryptocurrency exchange FTX, which has leaned heavily on sports and gaming partnerships, is launching its own gaming unit in which publishers embrace blockchain networks and NFTs.
FTX Gaming will provide gaming companies with the ability to launch crypto tokens and support NFTs. The gaming unit follows FTX teaming up with Solana Ventures and Lightspeed Venture Partners in November 2021 to launch a $100 million gaming fund called GameFi. The fund facilitates investments in projects at “the intersection of blockchain and gaming.”
FTX has been using the video game industry to expand its reach.
Last month, FTX raised $400 million in a Series C funding round, valuing the company at $32 billion. The round included SoftBank’s Vision Fund 2, Tiger Global, and Lightspeed Venture Partners. To date, FTX has raised $2 billion but has spent nearly $1 billion on acquisitions.
NFT games generated $2.3 billion in revenue in Q3 2021 and accounted for 22% of all NFT trading volume during the quarter, per the Blockchain Game Alliance’s annual report.
The number of crypto wallets related to gaming ballooned from 29,563 in Q1 to 754,000 in Q3.
Meta, Facebook’s parent company, invested $40 million in Tokyo-based mobile gaming company Playco earlier this year.
Since the start of the year, video game companies have made a flurry of acquisitions. Nacon and Animoca Brands have made deals of their own.
Tripledot Studios announced it has raised $116 million at a reported $1.4 billion valuation in a Series B funding round.
Nintendo announced the launch of Nintendo Switch Sports, a game mirroring the activities found on Wii Sports.
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