Blockchain gaming sees $300M summer funding boost

Infrastructure projects in Web3 gaming received 63% of investments, totaling $187 million

August 11, 2023 07:47 am

thinkhubstudio/Shutterstock, modified by Blockworks

Web3 gaming investments experienced a notable resurgence in July, climbing to $297 million, bolstered by strategic partnerships and significant announcements.

In June 2023, funds going into Web3 gaming dropped to its lowest for the year at $68 million. This was mainly because of tough challenges in the market, data from DappRader showed on Thursday.

Two major companies, Binance and Coinbase, were hit with lawsuits from the SEC, affecting many web3 gaming projects.

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Currently, there are about 712,611 unique active wallets used daily in this sector, according to DappRadar’s report. This marks a tiny 0.5% drop from last month, but it still makes up 41% of the industry’s activity.

In July, infrastructure projects were found to have garnered the majority of investments, amounting to $187 million, or 63% of the total funds allocated.

Investments in Web3 gaming projects; Source: DappRadar

Meanwhile, investments towards games and metaverse initiatives amounted to $110 million, or 37% of the overall financial influx.

Gaming Blockchain WAX stood out as the top player in the gaming domain, based on Unique Active Wallets (UAW) metrics. With a monthly tally of 300,325 dUAW, WAX hosts the popular Web3 game, Alien Worlds, and others such as Wombat Dungeon Master and Taco.

BNB Chain reclaimed the second spot, with a 43% increase, reaching 108,311 dUAW. This growth was largely attributed to gaming platforms like Xterio and Gaimin.

SKALE, supporting games like CryptoBlades, saw a 64% rise, with 18,133 dUAW. Flow had a 105% jump, hitting 19,621 dUAW.

Web3 gaming provides distinctive gameplay mechanics and immersive experiences, allowing developers to distinguish themselves in a saturated market. Furthermore, it introduces innovative revenue streams, including the sale of in-game assets and the adoption of the play-to-earn model.

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