Blockchain gaming projects have witnessed a remarkable influx of investments, totaling $2.3 billion in the year 2023, despite the ongoing bearish sentiment within the cryptocurrency market.
In a recent report published by DappRadar, a leading decentralized applications (DApp) tracking platform, it was revealed that the first quarter of 2023 alone garnered an impressive $739 million in investments. Subsequently, the second and third quarters experienced substantial funding, with $973 million and $600 million, respectively. These figures underscore the resilience of the blockchain gaming sector, attracting a cumulative $2.3 billion investment during the first three quarters of 2023.
Notably, a significant portion of the investments during the third quarter, amounting to $213 million, was allocated to the development of metaverse-related games and technology. This allocation is noteworthy, as some had prematurely declared the metaverse as obsolete. Additionally, the remaining investments in the quarter were channeled into Web3 gaming infrastructure and investment firms, according to DappRadar.
While these investments demonstrate continued interest in the blockchain gaming industry, it is worth highlighting that the funding for Web3 gaming this year falls considerably short of the figures seen in 2022. DappRadar analysts emphasize that the investments in 2023 represent only “30% of last year’s fundraising activity.”
Comparing the third quarter of 2022 and 2023, a significant decline in investment becomes apparent. In 2022, the third quarter saw an impressive $1.2 billion pour into blockchain gaming projects. However, this year’s third quarter recorded approximately 50% less investment, indicating a notable reduction in overall interest and capital infusion within the space.
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