A recent report by Dappradar shows that the Web3 gaming sector has raised $750 million in the past eight months despite the crypto downturn. Several important projects have registered positive sales figures and activity.
The Web3 Gaming Industry Survives Economic Downturn
The Web3 gaming industry has been less affected by the current economic downturn, which is affecting both the cryptocurrency and traditional markets. Dappradar recently released a report that showed positive numbers from the industry, which is resistant to the effects of these variables.
Since August 1, the Web3 gaming industry has received investments totalling $748 million, 135% higher than July's. This number is still 19% less than the June investment, which shows that the ecosystem is still recovering. Gabriel Ledon raised $200 million for Limit Break, and Temasek invested $100 million in Animoca Brands.
The sector saw $1.1 billion in investment during Q3. Estimations suggest that the sector will see close to $10 billion in total investment by 2022. This would be more than twice the investment of $4 billion in 2021.
Future and Activity of the Sector
The report showed that the key projects in Web3 gaming were doing well, with some positive trends. The virtual world saw a decrease in sales of 28% to $22million, but sales increased by nearly 40% to 19,354, indicating that there is still demand.
The Sandbox, an Ethereum-based metaverse portal, has released its third season. It offers over 90 experiences from different sources including The Walking Dead and Snoop Dogg. This has led to a 40% increase in active wallets.
Stepn, one the pioneering games in the move to earn industry, has maintained some popularity with more than 3,000,000 monthly users, according the report. Despite all the activity, the report recognizes that Web3 gaming remains in its early stages and that there is still much to learn about it.
The report does not consider traditional gaming companies to be involved in blockchain gaming. However, it believes that the industry could grow and become one of the largest industries in the Web3 ecosystem.
What do you think of the Dappradar's latest report on Web3 gaming? Comment below.
By: Sergio Goschenko
Title: Web3 Gaming Still Growing Despite Economic Woes, According to Dappradar Report
Sourced From: news.bitcoin.com/web3-gaming-still-growing-despite-economic-woes-according-to-dappradar-report/
Published Date: Wed, 14 Sep 2022 09:30:43 +0000