Blockchain Gaming Projects Garner $2.3B in 2023 Despite Bearish Crypto Market
Summary:
Despite a bearish crypto market in 2023, blockchain gaming projects accumulated investments worth $2.3 billion. A substantial $739 million was invested in the earlier part of the year, totalling $2.3 billion by the end of Q3. However, compared to the previous year's total, current investments are quite low, sitting at just 30%. Even metaverse-related projects, speculated to be fading, received a decent $213 million in Q3. The slowing influx of investments raises questions about the future of blockchain gaming despite its recognized potential.
In 2023, game projects based on blockchain technology gathered an impressive $2.3 billion through investments, out of which $600 million came during the third quarter, irrespective of continuous crypto market downturns. As per DappRadar's report, a decentralized applications (DApp) monitor, a considerable $739 million was invested in the first three months of 2023, followed by $973 million and $600 million in the subsequent quarters. Consequently, the total investment pouring into the blockchain gaming realm in 2023's initial three quarters amounted to $2.3 billion. The breakdown of blockchain gaming project investments per quarter was highlighted by DappRadar. Amid the third quarter's investments, metaverse-related games and technology bagged $213 million, despite some speculating the metaverse to be on its deathbed. The remaining investment was channeled towards Web3 gaming infrastructure and investment firms, as indicated by DappRadar. Notably, as blockchain project of Neal Stephenson goes through its discovery month, the waning hype of the metaverse is apparent. Even though investments reveal that the potential of blockchain gaming is comprehended by stakeholders, the investment in Web3 gaming this year is significantly less than the previous year. Analysts at DappRadar have highlighted that this year's investment is a mere 30% of the prior year's fundraising efforts. Furthermore, comparing to 2022's third quarter that attracted $1.2 billion investments in blockchain gaming, the same quarter of 2023 observed about half the investment, indicating a relatively diminished influx of funds in this space compared to the preceding year. Various reports, including Web3 Gamer, have been discussing such investment trends and related issues like Zuckerberg's losses in the metaverse, ongoing NFT game on Discord, and critical views on Gods Unchained.
Published At
10/13/2023 1:33:31 PM
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