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Galaxy Digital’s entertainment division raises $325M to invest in NFTs and gaming startups

19 Oct 2021 : 18:34
2 min read
  • Galaxy Interactive has raised $325 million to invest in NFT and gaming startups
  • The entertainment arm of Galaxy Digital now has over $650 million to invest in the gaming and NFT space
  • NFT transaction volume in Q3 surpassed $10 billion for the first time in history

The NFT sector is getting more institutional investors as the market continues to grow.

Galaxy Interactive raises more funds for NFT and gaming bets

Galaxy Interactive, the entertainment arm of Galaxy Digital, has raised $325 million in a latest funding round. The funds would be invested in games and related technology as the company enters deeper into the NFT space.

Following this fundraiser, Galaxy Interactive now has over $650 million combined assets under management, making it the biggest fund dedicated to games. General Partner at Galaxy Interactive, Sam Englebardt, stated that the fund scouts gaming and arts startups for Mike Novogratz’s crypto conglomerate.

Englebardt said,

There’s a lot of capital out there, but the founders in our space want more than just capital. That’s one of the things we have benefited from in the past three years in this space. Even though valuations can get expensive, there are still a lot of opportunities to win deals at a good valuation if the founders really recognized we could be strategic for them.

Mythical Games, Genvid, Immutable, GreenPark, Current, StockX, and Bad Robot Games and others have now joined Galaxy Interactive’s existing portfolio of over 60 interactive companies.

The NFT world is growing bigger

The nonfungible token (NFT) world is one of the fastest-growing in the cryptocurrency space. In the third quarter of 2021, the total NFT trading volume topped $10 trillion for the first time in history.

Cryptocurrency exchanges including Binance, Coinbase and FTX.US have all launched NFT marketplaces as they look to attract more people to their platforms.

Hassan Maishera

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