The cryptocurrency market may be going through some rough times, but Web3 games and metaverse projects are still recording massive investments, including over the third quarter of 2022, albeit lower than in the previous quarter.
Indeed, blockchain and metaverse projects received $1.3 billion in investments over the course of Q3, which is a decrease of 48% compared to Q2 2022, according to a new report by blockchain analytics platform DappRadar, published on October 12.
In-depth investment analysis
To acquire this data, DappRadar tracked blockchain activity across 50 networks, finding that, despite the decline in investments compared to Q2, they have, in fact, nearly doubled from last year’s total.
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Additionally, the ‘Blockchain Games 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, have accounted for more than 36% of the investments during the observed quarterly period.
In terms of predictions for the entire year, the report estimates that the total amount of investments for 2022 will end up being lower by 8.8%, tallying around $9.25 billion, as the investors’ bullish outlook on the blockchain gaming industry holds.
Gaming accounts for half of blockchain activity
At the same time, the analysis has also found that gaming 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 that recorded 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 that network.
Elsewhere, Finbold earlier reported on the metaverse projects that offer the highest return on investment (ROI), pinpointing metaverse game Axie Infinity (AXS), as well as two virtual environments where you can purchase metaverse land – The Sandbox (SAND) and Decentraland (MANA) – as the most profitable.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
