Investments in Web3 gaming saw a big upswing in July, rising to $297 million because of the strategic alliances and major announcements in web3 and Metaverse.
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Previously, investment in Web3 gaming hit a yearly low of $68 million in June 2023. DappRader's numbers from Thursday indicated that this was primarily due to difficulties encountered in the market. Many web3 gaming initiatives were impacted by SEC proceedings against two big corporations, Binance and Coinbase.
DappRadar estimates that there are currently 712,611 unique active wallets used on a daily basis in this industry. Despite a 0.5% month-over-month decline, this still accounts for 41% of total business.
Blockchain gaming and the metaverse were examined in depth throughout the month of July, revealing a landscape rife with potential and quick change.
Meanwhile, infrastructure projects attracted the lion's share of funding, totaling $187 million (or 63% of the total).
Web3 Gaming Attracts Major Investors
Web3 gaming is on track for revolutionary changes as major investors come in and established companies like Google acknowledge its importance. The latest report from DappRadar is reviewed to provide you with the key points.
Meanwhile, the $110 million spent on games and metaverse projects represents 37% of the total expenditure. Playing with Blockchain In terms of UAW (Unique Active Wallets), WAX was the clear frontrunner in the gaming industry. Alien Worlds, along with other popular Web3 games such as Wombat Dungeon Master and Taco, resides on WAX, which receives an average of 300,325 dUAW every month.
With a 43% increase to 108,311 dUAW, BNB Chain has recaptured second place. Xterio and Gaimin, two gaming platforms, rise as major contributors to its expansion. Support for games on SKALE, like CryptoBlades, increased by 64%, to the tune of 18,133 dUAW. The flow rate increased by 105%, reaching 19,621 dUAW.
DappRadar’s Latest Report Highlights on Web3 Gaming
Unique gameplay mechanics and engaging experiences made possible by Web3 gaming help developers stand out in a cluttered industry. In addition, it implements creative methods of making money, such as the sale of virtual items and the use of a "play to earn" system.
Forty-one percent of all transactions on the blockchain occurred in the gaming industry, with WAX having the most unique active wallets.
The Ethereum L2 gaming scene was shaped by the collaboration between CyberKongz and Ronin, and the subsequent move to Arbitrum by Mighty Bear Games.
While the number of items bought and sold in virtual worlds drops, Google's Play Store is gearing up to accept web3 games with caveats.
The "Mighty Action Heroes" game by Mighty Bear Games migrates from the Polygon platform to the Arbitrum network, giving the latter network a boost.
In just one month on Arbitrum, TreasureDAO processed a total of 73,580 transactions worth approximately $842,000.
In July, Sweat Economy surpassed 739 thousand monthly UAW in active users to become the most popular game dapp.
Last month, the value of virtual goods traded was $5.6 million. It is at a year-low, due to the selling of 10,796 parcels of land. In this month, virtual world trading volumes followed June's pattern of fall.
The majority of the activity in the virtual economy centered around the popular dapps Otherdeed for Otherside and Otherdeed Expanded. Investments in Web3 gaming increased to $297 million, with the majority (63%) going towards infrastructure expansion.
Despite industry downtrends, investments also reflected faith in the possibilities of the metaverse and virtual worlds in these areas.
Google will eventually add web3 gaming to the Play Store, but only under particular conditions. Google's action has also rekindled the curiosity of mobile game developers about experimenting with NFTs.
Final Thoughts
Insights from blockchain games and the metaverse in July highlight a general sense of confidence. In spite of market volatility, the large investments and Google's endorsement of Web3 gaming demonstrate the increasing interest and incorporation of blockchain technology.
Significant projects using platforms like Ronin prove that blockchain's presence in the gaming industry is booming. It's a massive shift that's actively changing the future of the industry. Furthermore, it will be crucial to track how these expenditures lead to product advancement, user involvement, and market expansion as the month progresses. The future is bright as it stands at the intersections of gaming, blockchain technology, and the metaverse.
Summary: Metaverse momentum and alliances drive $297 million Web3 game investments in July 2023
Discover how July 2023 saw a $297M surge in Web3 game investments, fueled by Metaverse momentum and strategic alliances.
In July 2023, investments in Web3 games went up to $297 million because of strategic partnerships and big news in the Web3 and Metaverse worlds. This came after the market hit a low of $68 million in June, which was partly caused by SEC actions against Binance and Coinbase. Even though the number of daily active wallets (712,611) has gone down by 0.5%, Web3 gaming still makes up 41% of all business. Infrastructure projects got the most money, which added up to $187 million. Google and other big companies put money into Web3 gaming because of its potential to change things. In its report, DappRadar talks about unique mechanics and ways to make money, as well as trends in Ethereum L2, Google Play, and Metaverse.
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