Dappradar has released a new report showing that the Web3 gaming sector managed to raise $750m since August 1st, despite crypto’s downturn. Many important projects have seen positive results in terms of sales and activity.
The Web3 Gaming Industry Survives Economic Downturn
Web3 Gaming sector has been less affected by the current economic downturn. Dappradar’s recent report shows that the positive results from this sector have outperformed the negative effects of these variables.
Web3 Gaming has recorded investments in excess of $748million since August 1, which is 135% more than the July investment. This number, however, is 19% less than the June investment, which shows that the industry is still in recovery. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million investment in Animoca Brands.
It was estimated that $1.1billion had been invested in this sector in Q3. Estimations also suggest that it will be close to $10billion in 2022. It would be more than twice the investment of $4 billion in 2021.
Future and Activity of the Sector
It was found that the key Web3 gaming projects were in good health, and some positive trends have been noted. The virtual world saw a decrease in sales of 28% to $22million, but sales increased by nearly 40% to 19,354, indicating that there’s still demand for these products.
The Sandbox is an Ethereum-based metaverse platform. It released its third season last week. The Sandbox offers over 90 experiences from various sources including The Walking Dead and Snoop Dogg. The platform has seen a 40% increase in active wallets.
Stepn is a pioneer game in the move to earn industry. According to the report, it has maintained some popularity with over 3 million monthly users. Even with all this activity, the report acknowledges that Web3 gaming is still at its embryonic stages and that the industry still has a “mystery” associated with it.
The report does not consider traditional gaming companies to be involved in blockchain gaming. However, it believes the industry has the potential to grow and become one of the largest industries within the Web3 ecosystem.
Dappradar has released a new report about Web3 gaming. What did you think? Leave a comment below.
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