VanEck Doubles Down on Web3 Gaming with Investment in Gunzilla Startup
- VanEck with its robust crypto ETFs is now diving deeper into crypto, expanding its interest into Web3 gaming.
- VanEck’s Matthew Sigel likened Bitcoin investment to the ever-growing video game industry in a recent interview.
- The company recently announced a collaboration with Gunzilla Games to invest in a blockchain-based gaming platform.
- Earlier in 2024, VanEck joined in on a US$35 million investment round in the Sci-Fi TCG franchise Parallel, marking its initial venture into the gaming sector.
MicroStrategy, BlackRock and Elon Musk’s Tesla are often named as the most relevant crypto-friendly companies. But another company is slowly but surely entering the same realms.
VanEck, which has an impressive track record in crypto-based exchange-traded funds (ETFs), has recently expanded into Web3 gaming.
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During an interview with CNBC’s Squawk Box earlier this week, Matthew Sigel, the VanEck head of digital assets research, made an interesting comparison between gaming and investing in Bitcoin.
Sigel told the CNBC interviewers that investing in Bitcoin somewhat looks like “the video game industry in that new users are born every day while the Olds who don’t understand die off”.
Looks like the gaming theme doesn’t end here for VanEck, because the firm just announced a new collaboration. In a tweet, VanEck’s Matt Maximo announced the company’s second major investment in gaming, specifically in a gaming startup named Gunzilla Games.
Gunzilla Based on Avalanche Subnet
Gunzilla Games had recently launched GUNZ, a blockchain-based digital economy platform on an Avalanche Subnet designed for seamless gameplay and reduced gas fees using only in-game tokens.
This platform supports Web3 and traditional gaming with a development kit and white-label solutions like a companion app, marketplace, and NFT minting engine for other developers.
GUNZ, focusing on Play-to-Own and verifiable transparency, will debut in Gunzilla’s upcoming game, Off The Grid (OTG), which combines Battle Royale gameplay with significant narrative elements, allowing digital ownership and player influence over the game’s story.
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Maximo commented on the possibilities for blockchain and gaming:
We see crypto as a tool to enhance gaming experiences and improve monetization strategies.
This is not the first foray of VanEck into the gaming world. In March of 2024, they joined several other investors and partnered with Parallel in a US$35 million (AU$53.2 million) funding round.
According to the official website “Parallel is a Sci-Fi franchise and Trading Card Game (TCG) empowering collectors to truly own their digital cards and other game items.” These cards are used to build decks for an online PC game, currently in Beta, allowing players to compete using their unique collections.