Web3 Games And Metaverse Projects Raised $748 Million In August

Web3-based games and Metaverse projects have raised $748 million since August 1, 2022, according to research by the data collection and analysis firm DappRadar. In August, 847,000 Unique Active Wallets (UAW) per day on average participated in blockchain games, an 11% decrease from July.

Web3 Games And Metaverse Projects Raised $748 Million In August 4

Despite the current market gloom, interest in blockchain-based games continues to grow. Companies in the industry and metaverse projects have given out roughly $750 million since the start of August, according to DappRadar. This represents a 135% increase from July but a 16% decline from June’s figures.

The Machine Zone founder and one of the largest investors, Gabriel Leydon, contributed $200 million. Game of War and Mobile Strike was created by his mobile gaming firm.

Temasek, a Singaporean investment firm, oversaw the most recent $100 million funding round for Animoca Brands with the aim of boosting its market exposure even more.

Web3 Games And Metaverse Projects Raised $748 Million In August 5

Web3 services, according to the Australian NFT scaling platform Immutable, will take the lead in the future digital asset market. Immutable received $500 million in June to enable developers who create blockchain-based games and NFT startups.

Axie Infinity, a well-known company in the industry, surpassed $4 billion in total NFT revenues, while Xterio was successful in raising $40 million to invest in mobile Web3 games.

Web3 Games And Metaverse Projects Raised $748 Million In August 6

In 2021, $4 billion was invested in blockchain gaming overall. In 2022, this sum will already have been surpassed because of investments, which presently stand at roughly $7 billion. By the end of 2022, it’s anticipated that the amount would increase to $10.2 billion if the current pace continues.

“The amount of investments demonstrates that despite the challenging and uncertain conditions in the digital asset markets, major investment entities remain bullish on the GameFi industry,” the report stated.

The analytical firm went on to claim that blockchain gaming is still a young industry with a lot of promise.

“Blockchain gaming, the newest addition to a still young sector, has not yet lost its mystery. Many are still unaware of its significance, and the ever-changing gaming ecosystem provides little assistance,” the report concluded.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.