Blockchain gaming projects saw $2.3 billion invested in 2023, with $600 million invested in the third quarter, despite cryptocurrency market prices appearing to be in bearish sentiment throughout the year.
according to According to a report by decentralized application (DApp) tracking platform DappRadar, net investment in the first quarter of 2023 was US$739 million, with US$973 million and US$600 million received in the second and third quarters respectively. This shows that the blockchain gaming sector attracted a total of US$2.3 billion in investment in the first three quarters of 2023.
Of the investments in the third quarter of 2023, $213 million was invested in the development of Metaverse-related games and technologies, despite some claiming that the Metaverse is dead. The rest of the quarter’s investments went to Web3 gaming infrastructure and investment companies, according to DappRadar.
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While investment in the space shows that stakeholders still recognize the potential of the blockchain gaming space, the amount invested in Web3 gaming this year is much lower compared to last year. DappRadar analysts emphasized that this year’s investment amount is only “30% of last year’s fundraising activity.”
In addition, compared with the $1.2 billion in investment attracted by blockchain games in the third quarter of 2022, the amount of investment in the third quarter of 2023 decreased by approximately 50%. This means that while there is still money coming into the sector, it is significantly reduced compared to the previous year.
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