$739 million invested in blockchain games this year
Discover the latest investment figures in the blockchain gaming industry, with $739 million invested in Q1 2023 alone. Find out more about the statistical trends and potential of the NFT gaming industry in this report by DappRadar and the Blockchain Games Alliance.
Since 2017, blockchain gaming has entered both the gaming and crypto industries with a bang. Games like CryptoKitties and Axie Infinity were among the titular titles, defining the genre and the expectations of how the industry will play out.
It was expected that blockchain games will stand side by side next to DeFi (Decentralized Finance) and crypto. However, the bear markets have shown us that there are blockchain plays that have stood the test of severe market conditions.
With several months on the way, and with a new year approaching, have blockchain games still been relevant in the minds of crypto investors?
The answer lies within the latest industry statistics.
Web3 games in 2023
According to research collaboration between DappRadar and the Blockchain Games Alliance, 739 million dollars has bone invested in blockchain games only in the first quarter of 2023. The report analyzed statistical trends of wallets and transactions since the beginning of the year, with $434 million alone raised in a single month.
Taking a deeper look at how the funds are distributed will give a clearer picture of where the industry is headed. About 29% is distributed to gaming and Metaverse companies with another 21% being given to Web3 infrastructure companies. Notably, only $10 million has gone to NFT companies, meaning that metaverse-powered games have received more funding and support recently.
Blockchain Games is still the top industry in Web3
Compared to other web3 industries, blockchain games are still the most dominant 44% to 45% of blockchain activitysuggesting that blockchain plays are not only the most dominant since the bear market, but have persisted through months despite it.
There are many types of blockchain games, but the genre that has taken the spotlight this quarter is virtual metaverse games such as The Sandbox, Decentraland and Otherside Metaverse. The Sandbox continues its many partnerships and events, while Decentraland had its huge Metaverse Fashion Week, which showcased luxury brands and companies taking a foothold in the metaverse.
Yuga Lab’s Otherside Metaverse recently held its second run, with as many as 7200 users participate in the adventure. The game has become popular among players and NFT collectors alike, with its unique story and gameplay.
The NFT gaming industry is growing rapidly, and the investment in blockchain gaming is proof of its potential. With the rise of virtual metaverse games, the industry is expected to attract a large audience of players and investors alike.
Final thoughts
Overall, the investment in blockchain gaming is a positive sign for the industry and it is expected to continue to grow in the coming years. The NFT game industry is constantly developing, and it will be interesting to see what new games and innovations will appear in the future.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
