- VanEck makes its second Web3 gaming investment with Gunzilla Games, creators of Off The Grid.
- Off The Grid uses GUN tokens for in-game purchases and trading on a dedicated blockchain network.
- Gaming startups raised $517 million in Q3 2024, highlighting strong interest in blockchain-based games.
VanEck’s private crypto fund recently announced its investment in Gunzilla Games, a move that marks the asset manager’s second involvement in the expanding Web3 gaming market. Gunzilla is known for developing Off The Grid, a cyberpunk-themed shooter that incorporates blockchain technology to enable players to earn and trade in-game tokens. The news was shared by VanEck’s Matt Maximo on Oct. 31.
Source: Matt on X
Gunzilla’s game allows players to earn and use GUN tokens for buying items and participating in a marketplace. The blockchain element is designed to provide transparency and ownership over digital assets. This structure is built on a dedicated subnet, GUNZ, which runs on the Avalanche blockchain, as noted by Maximo.
Growing Investment in Web3 Gaming
The gaming sector has attracted significant investment recently, with $517 million funneled into startups in the third quarter of 2024, based on data from venture capital firm Konvoy. Earlier this year, VanEck also invested in Parallel, a card game integrating blockchain through NFT representations of tradable cards. That funding round brought in $35 million, with contributions from Solana Ventures and Coinbase’s Base Ecosystem Fund.
VanEck’s Matt Maximo emphasized that blockchain provides a solution for gamers seeking greater control and transparency in their digital assets. He noted that peer-to-peer marketplaces, such as Steam’s, have seen substantial success, accumulating more than $32 billion in trading volume.
Creative Leadership and Technological Edge
Off The Grid has enlisted Richard Morgan, known for writing Altered Carbon, along with film director Neill Blomkamp, to oversee the creative aspects of the game. The game’s use of blockchain supports the buying and trading of cosmetic items, echoing successful models from platforms like Steam.
Since 2022, VanEck has expanded its crypto-related strategies, launching the Digital Asset Alpha Fund to invest in liquid digital tokens using traditional financial evaluation methods.
