Even as colorless conditions decimated digital asset markets, venture capital companies continued to fund the blockchain games in the third quarter, indicating that venture capital firms were more focused on the sector’s long-term value proposition.
According to DappRadar’s latest BGA Games Report, between July and September, blockchain games and metaverse projects amassed a total of $1.3 billion in venture financing. While this figure was down 48% compared to the second quarter, it was roughly double the total amount raised in 2021.
According to DappRadar, initiatives focusing on Web3 metaverse infrastructure accounted for more than 36% of quarterly spending.
Looking especially at blockchain gaming, the report demonstrated that underlying industry activity was still growing despite the bad market. The number of unique active wallets playing in blockchain games climbed by 8% month over month to 912,000 in September. According to DappRadar, Web3 games are still a driving force in the dApp business, accounting for roughly half of all blockchain activity across 50 networks analyzed by the firm
DappRadar reported that seven of the top ten blockchain games had an increase in unique wallet addresses in September. The business stated that the majority of the top games are mobile-first, which is an important aspect in the quest for greater mainstream adoption
According to a new poll conducted by blockchain entertainment provider Coda Labs, it may be a while still before blockchain and Web3 games pique the interest of casual gamers. Nonetheless, venture capitalists are showing a lot of interest in Web3 initiatives of all kinds. The survey found that only 12% of non- crypto gamers have dabbled in Web3 games and just 15% were interested in doing so in the future.