Blockchain games and metaverse projects raise $1.3 billion in Q3 2022, study finds
The cryptocurrency market may be going through some tough times, but Web3 games and metaverse projects are still registering massive investments, including over the third quarter of 2022, albeit lower than the previous quarter.
In fact, blockchain and metaverse projects received $1.3 billion in investment during Q3, which is a 48% decrease compared to Q2 2022, according to a new report from the blockchain analytics platform DappRadarpublished on October 12.
In-depth investment analysis
To obtain this data, DappRadar tracked blockchain activity across 50 networks, and found that despite the drop in investment compared to Q2, it has actually nearly doubled from last year’s total.
In addition, have ‘Blockchain Gaming Report’ has discovered that blockchain gaming projects raised $156 million through investments and partnerships in September 2022 alone.
Meanwhile, projects focused on building the Web3 metaverse infrastructure, such as Inworld AI or Hadean, accounted for more than 36% of investments during the observed quarterly period.
In terms of full-year predictions, the report estimates that the total investment amount for 2022 will end up being lower by 8.8%, which equates to around $9.25 billion, as investors’ positive view of the blockchain gaming industry holds.
Gaming accounts for half of blockchain activity
At the same time, the analysis also found that games accounted for nearly half (48%) of all blockchain activity during the observed period, with 912,000 daily unique active wallets (UAWs) interacting with games’ smart contracts in September.
However, among the top six blockchains used for gaming projects, Solana (SOL) was the only one to register an increase compared to the previous quarter, gaining as much as 269% in the number of UAWs from Q2 to Q3, despite only 4.82% of gaming activity taking place on this network.
Elsewhere, Finbold has previously reported on the metaverse projects that offer the highest return on investment (ROI), pointing to the metaverse game Axie Infinity (AXS), as well as two virtual environments where you can buy metaverse land – The Sandbox (SAND) and Decentraland ( MANA) – as the most profitable.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
