VanEck Backs Web3 Game Developer Gunzilla with New Funding

VanEck's private crypto fund has made a significant investment in Gunzilla Games, a gaming startup, marking its second investment in the Web3 gaming sector, as announced on October 31.

About Gunzilla and Its Game

Gunzilla is known for developing Off The Grid, a dystopian cyberpunk shooter that allows players to earn the native GUN token. Matt Maximo from VanEck highlighted the potential of crypto in enhancing gaming experiences and monetization strategies.

Investment Context

In the third quarter of 2024, gaming startups attracted a substantial $517 million in investments, according to data from Konvoy, a venture capital firm. Earlier this year, VanEck also invested in Parallel, a Web3 card game that utilizes non-fungible tokens (NFTs) for tradable cards.

The Role of Blockchain in Gaming

Maximo emphasized that gamers have been trading in-game items for years and that platforms like Steam have facilitated over $32 billion in trading volume. He stated that blockchain technology can provide gamers with greater transparency and control over their in-game assets.

In-Game Economy of Off The Grid

In Off The Grid, players earn GUN tokens that can be used to unlock various in-game items and purchase items directly from the Web3 marketplace. The game's marketplace operates on an Avalanche subnet known as GUNZ, providing a technical solution for trading cosmetic items.

Creative Leadership

Gunzilla has enlisted the talents of Richard Morgan, the author of Altered Carbon, and director Neill Blomkamp to spearhead the creative design of Off The Grid.

VanEck's Investment Strategy

In 2022, VanEck launched its Digital Asset Alpha Fund, focusing on investing in liquid tokens using traditional valuation methods, further solidifying its commitment to the digital asset space.