DappRadar: Almost $600M Invested in Crypto Gaming in Q3.
- The DappRadar report states that Axie Infinity saw the most transactions in Q3.
- The entire crypto market has struggled to secure funding due to the bear market and an increased focus on artificial intelligence.
Data from crypto analytics firm DappRadar shows that a significant amount of venture capital is still being invested in the blockchain gaming sector, despite the ongoing difficulties in the industry. DappRadar claims that blockchain games brought in almost $600 million in Q3 2023.
This figure represents a 38% decrease from the $973 million recorded in Q2. However, it brings the total funding in the blockchain sector in 2023 to about $2.3 billion. Interestingly, the $2.3 billion investments constitute just 30% of the total funds raised through 2022.
DappRadar reports that among the investment in Q3, $213 million went toward developing metaverse-related games and projects. In addition, the reports state that Web3 gaming infrastructure and investment firms received the rest of the investments during the quarter.
The DappRadar report claimed that Axie Infinity was the most played Web3 game in Q3, with $90 million in NFT transactions made in three months. Furthermore, the NFT trading card game Gods Unchained experienced impressive growth in the last quarter, recording $55 million in transaction volume.
Axie’s continued dominance in the crypto market could be slightly traced to the anticipation of some NFT games such as MapleStory Universe, Deaddrop, Parallel, and Shrapnel.
Game developers have had a difficult year inside and outside the crypto space. Some sources claim that over 6,100 job roles in the gaming market have been eliminated in the past year. Prominent gaming companies such as Epic Games, Telltale Games, and Team17 have recently trimmed their workforce.
Although investments in the gaming sector in 2023 pale in comparison to 2022, it provides a glimmer of hope for game enthusiasts. It comes at a time when venture capital funding within the crypto market is dropping alarmingly fast, raising fears about possible closures. It appears that the increased interest in artificial intelligence is one of the core reasons for reduced VC funding.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
