$1.3 Billion Invested In Blockchain Games And Metaverse Projects In Q3/2022
Even as negative conditions decimated digital asset markets, venture capital companies continued to fund the blockchain games in the third quarter, indicating that venture capital firms were more focused on the sector’s long-term value proposition.
According to DappRadar’s latest BGA Games Report, blockchain games and metaverse projects garnered a total of $1.3 billion in venture financing between July and September. While this sum was 48% lower than in the second quarter, it was nearly double what was raised in 2021.
According to DappRadar, initiatives focusing on Web3 metaverse infrastructure accounted for more than 36% of quarterly spending.
Looking especially at blockchain gaming, the survey revealed that underlying business activity was still expanding despite the bad market. In September, the number of unique active wallets playing in blockchain games climbed by 8% month over month to 912,000.
According to DappRadar, Web3 games are still a driving force in the dApp business, accounting for roughly half of all blockchain activity across 50 networks analyzed by the company.
DappRadar report that seven of the top ten blockchain games had a rise in unique wallet addresses in September. The business stated that the majority of the top games are mobile-first, which is an important aspect in the quest for greater mainstream acceptance.
According to a new poll conducted by blockchain entertainment provider Coda Labs, it may be sometime before blockchain and Web3 games attract the interest of casual gamers. Nonetheless, venture capitalists are showing a lot of interest in Web3 initiatives of all kinds.
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