Web3 games and Metaverse projects raised $748M

Web3 games and Metaverse projects have taken the industry by storm. Some of the games driving the rise of blockchain gaming include Axie Infinity, Splinterlands, Alien Worlds, Crazy Defense Heroes, Sky Mavis, and The Sandbox. Not only have these games enabled players all over the world to make money, but they have also introduced innovative mechanics and partnerships.

Similarly, Metaverse projects have piqued people's interest by introducing ingenious ways for users to interact with one another in 3D space.

As per a report released by the data acquisition and analysis company DappRadar, Web3-based games and Metaverse projects have raised $748 million since August 1, 2022.

Axie Infinity, one of the most popular games in the field, has surpassed $4 billion in all-time NFT sales, with approximately 36,000 new daily players joining in the last three months.

Despite the ongoing market downturn, blockchain-based games continue to garner attention. According to DappRadar, companies in that field and Metaverse projects have raised approximately $748 million since the beginning of August. This is a 135% increase over July but a 16% decrease from June's figures.

Gabriel Leydon, the founder of Machine Zone, made one of the largest investments of $200 million in Web3 games. Temasek, a Singaporean investment firm, led the latest $100 million funding round for Animoca Brands to increase the company's exposure in the sector.

Xterio, a cross-platform publisher and developer of high-quality mobile and web3 games secured a $40 million fundraising round.

Last year, the gaming space raised around $4 billion. This figure has already been surpassed in 2022, with investments totalling around $7 billion. If current trends continue, the figure is expected to reach $10.2 billion by 2022.

DappRadar July report

At the end of July this year, the firm determined that blockchain games and Metaverse projects appear to be faring much better than other industry segments during the crypto winter.

According to the report, unique active wallets (UAWs) decreased by 7% in Q2 compared to the previous quarter. This meant that people were still interacting with blockchain decentralised applications at nearly the same rate as before the Terra collapse.