According to a recent report prepared by Dappradar, the web3 gaming industry has managed to raise $750 million since August 1, despite a crypto slump, and several significant projects have recorded positive numbers regarding sales and activity.
Despite the economic downturn, the web3 gaming industry is thriving
The current economic downturn affecting the traditional and cryptocurrency markets has not had much of an impact on the web3 gaming sector; according to a recentreportissued by Dappradar, the numbers coming from this industry are positive, resisting the effects of these variables found that.
The Web3 gaming industry has recorded $748 million in investments since August 1, a 135% increase over the amount invested during July. However, this figure is still 19% lower than the amount invested in June, indicating that the ecosystem has not yet recovered. This includes the $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million investment in Animoca Brands.
Total investment in the sector during the third quarter was calculated at $1.1 billion, and some estimates put the total investment for all of 2022 at nearly $10 billion. This is more than double the $4 billion invested in 2021.
Sector Activity and Prospects
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According to the report, major projects in the web3gaming sector are healthy and some figures indicate positive developments. In the virtual worlds sector, total revenues were down 28.90% to $22 million, but the number of sales increased nearly 40% to 19,354, indicating that there is still demand for the products offered by these projects.
The Sandbox, an ethereum-based metaverse platform, released its third season last month, offering more than 90 experiences coming from a variety of sources, including The Walking Dead, Snoop Dogg, and Smurfs. This has led to a 40% increase in the number of active wallets on the platform.
Stepn is one of the pioneering games in the movement industry and, according to reports, maintains some popularity with over 3 million cumulative monthly users. Despite this activity, the report acknowledges that Web3 gaming is still in its infancy and that there are still “mysteries” in the industry.
However, despite the low involvement of traditional gaming companies, the report believes that if this growth continues, the blockchain gaming sector is likely to become one of the largest industries in the Web3 environment.
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