Skip to content

Blockchain games and metaverse projects raise $1.3 billion in Q3 2022, study finds

Blockchain games and metaverse projects raise $1.3 billion in Q3 2022, study finds

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.

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.

Investment in blockchain games. Source: DappRadar

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.

Unique active wallets. Source: DappRadar

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. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.