According to a recent report produced by Dappradar, the Web3 gaming industry has managed to raise $750 million since August 1 despite the crypto downturn, with several major projects seeing positive sales and activity figures.
Web3 gaming industry thrives amid economic downturn
The current economic downturn affecting the traditional and cryptocurrency markets has had a lesser effect on the web3 gaming industry. According to a recent report published by Dappradar, the figures coming from this industry have been positive, resisting the effect of these variables.
The Web3 game industry has recorded investments of $748 million since August 1, which is 135% more than what was invested in July. However, this number is still 19% lower than what was invested in June, showing that the ecosystem is still recovering. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million investment in Animoca Brands.
Total investment in the sector during the third quarter was calculated at $1.1 billion, with estimates putting total investment for all of 2022 at nearly $10 billion. This would more than double the $4 billion invested in 2021.
Activity and future of the sector
The report revealed that key projects in the Web3 games sector were in good health, with some figures showing positive developments. In the realm of the virtual world, while total sales fell 28.90% to $22 million, the number of sales jumped nearly 40% to 19,354, showing that there is still demand for the products offered by these projects.
The Sandbox, an Ethereum-based metaverse platform, launched its third season last month, offering more than 90 experiences from different sources, including The Walking Dead, Snoop Dogg, and the Smurfs. This resulted in a 40% increase in the number of active wallets on the platform.
According to the report, Stepn, one of the game industry’s pioneering move-to-win games, has maintained some popularity, with more than 3 million cumulative monthly users. Even with all of this activity, the report acknowledges that Web3 gaming is still in its infancy and the industry still has a “mystery” associated with it.
However, even with the low involvement of traditional gaming companies, the report believes that if this growth continues, the blockchain gaming field has a strong chance of becoming one of the biggest industries in the Web3 environment.
What do you think of the latest Web3 games report published by Dappradar? Tell us in the comments section below.
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