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Fortune

Catherine McGrath

Azra Games, a blockchain-based video game developer, raises $42 million from Pantera Capital

Pantera Pantera Capital Video Game blockchain CoinGecko Crypto Electronic Arts

Female gamer sits in front of gaming monitor with headphones on (Credit: Getty Images)

Many crypto enthusiasts have tried and failed to combine the multi-billion dollar video game industry with NFTs and blockchain technology. Out of 2,817 web3 games launched between 2019 and 2023, 75.5% of them failed, according to a CoinGecko report. For whatever reason, the two industries have struggled to mesh—but that doesn’t mean investors have stopped looking for a potential synergy.

Pantera Capital, Andreessen Horowitz, and NFX are the latest to try and crack blockchain gaming by taking a chance on Azra Games, a Sacramento-based video game developer. Founded in 2022, Azra announced it has raised $42 million in a Series A funding round led by Pantera, bringing the total it has raised to $68.3 million.

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