They mention the "disparity between high investment volumes and limited M&A activity." I think these things are intertwined. When web3 gaming companies raise at a $200M valuation, the investors don't want to sell such a company, e.g., $50M. So, raising a big round becomes a blocker of potential M&A deals.

One interesting thing about web3 gaming is that there's been so much money invested, but it hasn't resulted in great games.

It cost about $265M to develop and promote GTA V, one of the most successful games of all time. From what I see, funds have already spent $8B on web3 gaming investments, which is 30X (!) more, yet I haven't heard about any non-ponzi web3 game that has become a hit.

*Or maybe this "value of deals" is just the valuation at which the funds have invested? Then probably, we can divide this $8B by 5-10 and have around $800M-$1.6B of the total amount they invested.