VanEck Expands Web3 Investments with Gunzilla Games

 

VanEck Invests in Gunzilla Games to Enhance Web3 Gaming

VanEck has made a significant investment in Gunzilla Games, a gaming startup known for its innovative approach to Web3 gaming, marking the asset manager’s second foray into this space. The announcement was made on October 31.

Gunzilla is the creator of Off The Grid, described as a “dystopian cyberpunk shooter” that allows players to earn Gunzilla’s native GUN token. According to VanEck’s Matt Maximo, “We see crypto as a tool to enhance gaming experiences and improve monetization strategies.”

Growing Interest in Gaming Startups

In the third quarter of 2024, gaming startups attracted a remarkable $517 million, as reported by Konvoy, a venture capital firm focused on the gaming industry.

Earlier in March, VanEck also invested in Parallel, a Web3 card game that features tradable cards represented on-chain as non-fungible tokens (NFTs). This funding round raised $35 million and included participation from Solana Ventures and Coinbase’s Base Ecosystem Fund.

Maximo noted, “Gamers have been building systems to enable selling of in-game items for decades,” highlighting that Steam’s peer-to-peer gaming marketplace has generated over $32 billion in trading volume.

Blockchain Enhancing Gaming Experiences

“Blockchain can solve gamers’ desire for transparency and control over in-game items,” he added. In Off The Grid, players earn GUN tokens, which can be used to unlock in-game items stored in Web3 wallets. Additionally, players can purchase items directly on Off The Grid’s Web3 marketplace.

The marketplaces for Gunzilla’s games operate on an Avalanche subnet known as GUNZ, as explained by Maximo. He emphasized, “The blockchain component of OTG is a technical solution to creating a marketplace for players to trade cosmetic items — an ultra-successful model pioneered by Steam and others.”

Creative Team Behind Off The Grid

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

VanEck’s Digital Asset Initiatives

In 2022, VanEck launched its Digital Asset Alpha Fund, aimed at investing in liquid tokens using traditional valuation methodologies, showcasing the firm’s commitment to the evolving landscape of digital assets.