Web3 games and Metaverse projects raised $748 million in August (report)

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According to a report by data acquisition and analytics company DappRadar, Web3 games and Metaverse projects have raised $748 million since August 1, 2022. Last month, an average of 847,000 unique active wallets (UAW ) dailies interacted with blockchain games, an 11% decline from July.

One of the most popular games in the field – Axie Infinity – topped $4 billion in all-time NFT sales, while around 36,000 more people joined as daily players over the past three last months.

“Blockchain Gaming hasn’t lost its mystery yet”

Despite the current market downturn, blockchain-based games continue to generate interest. DappRadar revealed that companies in this space and Metaverse projects have distributed about $750 million since the beginning of August. That’s a 135% increase from July but still a 16% decrease from the June figures.

One of the biggest investments ($200 million) came from Gabriel Leydon – Founder of Machine Zone. Its mobile game studio is behind Game of War and Mobile Strike.

Singaporean investment firm – Temasek – led the latest funding round worth $100 million for Animoca Brands in a bid to further increase its exposure in the sector.

Australian scaling platform NFT – Immutable, which raised $500 million in June to support developers building blockchain-based games and NFT startups, believes Web3 services will become a feature of forefront in the future digital asset industry.

For its part, another popular company in the field – Axie Infinity – has surpassed $4 billion in all-time NFT sales, while Xterio has secured a fundraising of $40 million, which will be invested in Web3 mobile games.

Total investments in blockchain games in 2021 amounted to $4 billion. This number has already been surpassed in 2022, with investments currently amounting to around $7 billion. If this pace continues, the number is expected to climb to $10.2 billion by the end of 2022.

“The amount of investment demonstrates that despite the challenging and uncertain conditions in digital asset markets, leading investment entities remain bullish on the GameFi industry,” DappRadar said.

Subsequently, the analytics company argued that blockchain gaming is still a young industry with a lot of potential. The region is “constantly developing and inventing itself”, and those who are part of it see these advances.

“Blockchain gaming, the latest in a still young industry, has yet to lose its mystery. Many are still unaware of its importance, and the ever-changing gaming ecosystem provides little support,” the report concludes.

Previous DappRadar study

At the end of July this year, the company determined that blockchain games and Metaverse projects seemed to weather the crypto winter much better than other industry segments. DappRadar CEO – Skirmantas Januskas – then commented:

“We believe blockchain gaming is going to be key in the next two or three years and will bring at least 100 million new users into crypto for one simple reason, they connect NFT and DeFi. With the three combined, blockchain gaming, NFTs and DeFi, you will see something really new and exciting.

The report indicates that unique active wallets (UAWs) decreased by 7% in the second quarter compared to the previous quarter. This indicated that individuals were continuing to interact with decentralized blockchain applications at roughly the same rate as before Terra’s collapse.

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