Web3 Games and Metaverse Projects Raise Millions in Funds Last Month
Web3 games and metaverse projects raised a combined total of $748 million in funds last month.
The GameFi sector remains a leading force in the blockchain and crypto space despite the ongoing downturn in the crypto market. However, recent numbers from DappRadar reveal that web3 games and metaverse projects have raised $748 million in funds last month, which is still a decline of 16% compared with June. While the sector continues to face challenges, the 135% increase in funding from July is a positive sign that the market is beginning to rebound.
With blockchain gaming collecting a record $3.1 billion in investment last quarter, and projected to reach $10.2 billion by the end of the year, it is clear that investors remain bullish on the industry despite uncertain market conditions. This continued interest and support is vital to the future growth of blockchain gaming, and with the right conditions in place, there is no doubt that the industry will continue to thrive.
It is clear that the majority of investments are going towards infrastructure and games. This suggests that the industry is confident in the long-term prospects of these areas. However, it is also notable that a significant portion of investment is still going to investment firms. This shows that there is still a lot of interest in the potential of the blockchain industry, and that investors are willing to put their money into companies that are working to realize that potential.
Despite a decline in usage from last month, more than 50% of the blockchain industry is still being used for games. On average, there are 847,000 unique active wallets being used for gaming each day. This shows that blockchain gaming is still a popular and growing industry.
The games industry is booming, and the rise of non fungible tokens (NFTs) is a big part of that. According to a recent ChainPlay Survey, 75% of GameFi investors joined the crypto space solely for games projects. And it's not just about making money – 81% of respondents said they are prioritizing positive in-game experiences above profit-making. This is good news for gamers, as it means that developers are focused on creating fun and engaging experiences. So whatever your favorite game is, there's a good chance it's only going to get better in the months and years to come.
It's good news all around for the metaverse projects this month, with a 38.62% increase in sales and a 28.90% decrease in trading volume. Ethereum's trading volume fell by 14.40%, but this was more than offset by the increases in Solana's and Ronin's trading volume, which were up by 171% and 27.64% respectively.