Web3 Games and Metaverse Project raised $748 million in August (Report)

According to a report by data-gathering and analytics firm DappRadar, Web3-based games and Metaverse projects have raised $748 million since August 1, 2022. Last month, 847,000 unique wallets (UAW) interacted daily with blockchain games, an 11 percent decrease compared to In the month of July.

One of the most popular games in the space – Axie Infinity – has surpassed $4 billion in NFT sales all the time, while nearly 36,000 additional people have joined as gamers daily in the past three months.

“Blockchain Gaming Hasn’t Lost Its Mystery Yet”

Despite the ongoing downturn in the market, blockchain-based games continue to gain interest. DappRadar revealed that companies in that space and Metaverse projects have distributed about $750 million since the beginning of August. This is a 135% increase from July but still 16% lower than the June numbers.

One of the largest investments ($200 million) came from Gabriel Leydon – founder of Machine Zone. His mobile game studio is behind Game of War and Mobile Strike.

Singaporean investment firm Temasek has led the latest $100 million funding round for Animoca Brands with the aim of increasing its exposure in the sector.

Australian NFT expansion platform Immutable, which raised $500 million in June to support developers building blockchain-based games and NFT startups, believes that Web3 services will become a leading feature in the digital asset industry in the future.

For its part, another well-known company in the space – Axie Infinity – exceeded 4 billion dollars in sales of NFT for all time, while Xterio received an increase of 40 million dollars, which will be invested in Web3 mobile games.

The total investment in blockchain games in 2021 amounted to $4 billion. This number has already been exceeded in 2022 with investments currently amounting to about $7 billion. If this pace continues, expectations are that this number will rise to $10.2 billion by the end of 2022.

“The volume of investment shows that despite the challenging and uncertain conditions in the digital asset market, large investment entities remain bullish on the GameFi industry,” said DappRadar.

Subsequently, the research firm claimed that blockchain gaming is still a young sector with great potential. The field is “continually evolving and reinventing,” and those who are a part of it see this progress.

“Blockchain gaming, the latest addition to a still young sector, has not yet lost its mystique. Many are still unaware of its importance, and the ever-changing gaming system is of little help,” the report concluded.

Previous DappRadar Study

At the end of July this year, the company decided that blockchain gaming and Metaverse projects seemed to be adapting to the crypto winter much better than other sectors of the industry. Then DappRadar CEO – Skirmantas Januskas commented:

“We believe that blockchain games will be key in the next two or three years and bring at least 100 million new users to crypto for one simple reason, and they connect NFTs and DeFi. With all three blockchain games combined, NFTs and DeFi, you will see something really new and exciting. “.

The report said Unique Active Portfolios (UAW) declined 7% in the second quarter compared to the previous quarter. This indicates that individuals continue to interact with blockchain decentralized applications at roughly the same rate as before the collapse of Terra.

The Web3 Games and Metaverse project after raising $748 million in August (reported) made its debut on CryptoPotato.

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