Blockchain gaming projects saw $2.3 billion in investments in 2023, with the third quarter bringing in $600 million even though cryptocurrency market prices appear to be in a bearish mood throughout the year.
According to According to a report by decentralized application (DApp) tracking platform DappRadar, the first quarter of 2023 generated net investments worth $739 million, while the second and third quarters received $973 million and $600 million, respectively. This shows that the blockchain gaming sector attracted a total of $2.3 billion in investments in the first three quarters of 2023.
Of the investments in Q3 2023, $213 million went to developing games and technology related to the Metaverse despite some declaring that the Metaverse is dead. The rest of the investments seen this quarter went into Web3 gaming infrastructure and investment firms, according to DappRadar.
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While investments in this area show that stakeholders still recognize the potential in the blockchain gaming space, the amount invested in Web3 games this year is much lower compared to last year. DappRadar analysts highlighted that the amount invested this year represents only “30% of last year’s fundraising activity.”
In addition, compared to Q3 2022, which attracted $1.2 billion in investments in blockchain games, Q3 2023 recorded approximately 50% less in the amount invested. This means that although there is still money in this area, it has decreased significantly compared to the previous year.
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