Blockchain gaming sees $300M summer funding boost

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

article-image

thinkhubstudio/Shutterstock, modified by Blockworks

share

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.

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.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

morpho 2 graphic.png

Research

Utilizing a ‘DeFi Mullet’ approach, Coinbase’s Bitcoin-backed loans integration with Morpho demonstrates a powerful blueprint for CEXs to monetize dormant assets by expanding adoption of wrapped products (cbBTC, USDC) while also supporting native and/or preferred DeFi ecosystems (Base) which can further lead to downstream growth in onchain liquidity and increased utilization of the related assets.

article-image

The network is at a “pivotal juncture,” Blockworks Research’s Marc-Thomas Arjoon said

article-image

Altcoin trade volume has returned to pre-FTX levels, but with a shrinking pool of market leaders

article-image

Solana Foundation’s former head of strategy proposes increasing the disinflation rate

article-image

With much of the bitcoin mining supply chain based in Asia, US-based operations now face higher equipment prices

article-image

Anticipating an economic downturn, venture firms may be less likely to invest

article-image

Trump’s tariffs may have potentially significant impacts on GDP, household spending and food prices — if they hold