Web3 games and metaverse projects have raised $748 million in funds last month.
The GameFi sector remains a leading force in the blockchain and crypto space despite the ongoing downturn in the crypto market. Recent numbers from DappRadar revealed that web3 games and metaverse projects have raised $748 million in funds last month. This was up 135% from July, but is still a decline of 16% compared with June.
Blockchain gaming collected $3.1 billion in investment last quarter; so far in 2022, it has added $6.9 billion in funds. This year’s forecast seems to indicate that investments could reach $10.2 billion — an increase of 20% over the $4 billion of 2021. The figures suggest that investors remain bullish on GameFi, despite uncertain market conditions.
“Looking at the whole picture, we observed that 38% of the investments goes to infrastructure, 33% to games and metaverse projects, and 27% to investment firms,” the report stated.
More than 50% of the industry’s usage is still in blockchain games, despite an 11% decline from last month, to an average of 847,000 daily Unique Active Wallets (UAW).
On the NFT side, the total trading volume related to games increased by 13.25% in August, and sales jumped by 83.36% to over 1.3 million non fungible tokens traded. A recent ChainPlay Survey found that 75% of GameFi investors joined the crypto space solely for games projects, and 81% are prioritizing positive in-game experiences above profit-making.
Metaverse projects’ sales rose 38.62% month-to-month to 19,354, while trading fell 28.90% to $22 million. Among the protocols, Ethereum’s trading volume fell 14.40% in August, bringing it to $11 million. Meanwhile Solana’s increased 171% to $1.7 million, and Ronin’s increased 27.64% to $8.2 million in total trading volume.