Blockchain gaming and metaverse initiatives generate $1.3 billion in Q3 2022

The cryptocurrency market may be experiencing difficult times, but Web3 games and metaverse projects continue to attract large investments, including during the third quarter of 2022, although at a lesser rate than the prior month.

In fact, blockchain and metaverse projects garnered $1.3 billion in funding during the third quarter of 2022, a fall of 48% compared to Q2 2022, according to a study released on October 12 by blockchain analytics platform DappRadar.

DappRadar monitored blockchain activity across 50 networks to compile these statistics and discovered that, despite the fall in investments compared to the second quarter, they had risen from last year’s total.

In addition, the ‘Blockchain Games Report’ found that blockchain gaming startups received $156 million in September 2022 alone via investments and collaborations.

During the observed quarter, investments in Web3 metaverse infrastructure development initiatives, such as Inworld AI and Hadean, accounted for more than 36% of the total.

Assuming that investors’ optimistic stance on the blockchain gaming business persists, the analysis predicts that the overall amount of investments for 2022 will be 8.8 percent less, totalling around $9.25 billion.

In addition, the investigation indicated that gaming accounted for over half (48%) of all blockchain activity throughout the examined timeframe, with 912,000 unique active wallets (UAWs) engaging with games’ smart contracts every day in September.

Solana (SOL) was the only one of the top six blockchains employed for gaming projects to achieve a rise compared to the previous quarter, increasing 269% in the number of UAWs from Q2 to Q3 despite just 4.82% of gaming activity taking place on that network.

Finbold claimed elsewhere that Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) are the most valuable metaverse enterprises.

Also Read: DBS Bank Says Bitcoin Is ‘Special’ Despite Its Market Volatility

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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