NFT companies were a big M&A target during first half of the year

Corporations working within the non-fungible token market are seeing their presence in crypto deal-making enhance, in line with information compiled by The Block. 

Round 38% of merger and acquisitions amongst non-fungible token (NFT) and so-called sport finance (GameFi) firms occurred over the previous two quarters. 

Fifty-three M&A offers in NFT and GameFi occurred since 2013, a July 13 report printed by John Dantoni from The Block Analysis discovered. The primary and second quarters of 2022 noticed eight and twelve offers respectively. These 20 offers making it the biggest uptick in M&A offers in these industries ever. 

The file twelve offers within the second quarter of 2022 occurred throughout an NFT market quiet down, wherein flooring costs and market quantity fell significantly. 

In the beginning of the yr, NFTs had been largely thought to be insulated from market situations since they supply extra performance, akin to entry to an unique group or in-game utilization, than different varieties of crypto tokens. These belongings—like artwork or launch property—are additionally extra illiquid, which means tougher to promote. This insulation didn’t final, however plainly NFT firms are nonetheless an M&A goal within the bear market. 

The truth is, the best M&A deal of the 2022’s second quarter concerned NFTs and GameFi, particularly OpenSea’s acquisition of Gem for $238 million.