Blockchain gaming projects have seen $2.3 billion in investments in 2023, with $600 million raised in the third quarter despite cryptocurrency market prices seemingly being in a bearish mood throughout the year.
According According to a report by decentralized application (DApp) tracking platform DappRadar, the first quarter of 2023 generated $739 million in investments, while the second and third quarters recorded $973 million and $600 million, respectively. This shows that the blockchain gaming sector attracted a total of $2.3 billion in investments in the first three quarters of 2023.
Among investments in the third quarter of 2023, $213 million went into developing metaverse-related technology and games, despite some declaring the metaverse dead. The rest of the investments seen in the quarter went to Web3 gaming infrastructure and investment companies, according to DappRadar.
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While investments in the space show that stakeholders still recognize the potential in the blockchain gaming space, the amount invested in Web3 games this year is much lower than in 2022. DappRadar analysts highlighted that the amount invested this year It is only “30% of last year’s.” fundraising activity.
The third quarter of 2022 attracted $1.2 billion in blockchain gaming investments, but the third quarter of 2023 saw around 50% less, marking a significant decline in investment in this space.
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