Canadian Web3 infrastructure firm ChainSafe has closed an $18.75 million funding spherical that was backed by outstanding trade enterprise corporations, placing the corporate on observe to increase operations at a time when the demand for blockchain infrastructure and gaming providers is on the rise.

The Sequence A spherical was led by enterprise agency Round13 with extra participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe stated the funding would go towards supporting the expansion and adoption of Web3 expertise.

‘We’re still early’ — @CatheonGaming says blockchain video games at the moment have a market share of simply 5%, and is constructing an irresistible portfolio to draw gamers. [Sponsored] https://t.co/kwLaE3EFp8

— Cointelegraph (@Cointelegraph) October 10, 2022

Following the launch of CryptoKitties in 2017, the wedding between gaming and blockchain expertise has solely grown stronger. As reported by Cointelegraph, the market capitalization of blockchain video games was round $25 billion firstly of 2022. Whereas crypto market capitalization has declined markedly over the previous six months — which has impacted the blockchain gaming sector — enterprise capital continues to take a position closely within the house. In response to DappRadar, blockchain video games and metaverse initiatives raised $1.3 billion in enterprise financing within the third quarter alone.

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Whereas estimates fluctuate, blockchain gaming, or GameFi as it’s typically referred to as, may see excessive multibillion-dollar valuations within the coming years. These near the trade say that blockchain video games will profit from the roughly 1 billion on-line gaming streamers anticipated by 2025.