Blockchain-based games and metaverse initiatives continue to get attention despite the continuing market slump. Companies in the field have raised $748 million since the beginning of August, which is a 135% increase compared to July, reveals DappRadar.
Institutional Investors Remain Bullish About GameFi
The quantity of investments shows that, despite the harsh and unpredictable conditions in the digital asset markets, big investment institutions remain bullish about the GameFi business.
In 2021, total investments in blockchain gaming totaled $4 billion. This figure was already reached in 2022, with investments totaling almost $7 billion. If current trends continue, the figure is expected to reach $10.2 billion by 2022.
Temasek, a Singaporean investment firm, sponsored the current $100 million funding round for Animoca Brands to grow the company’s exposure in the industry.
Axie Infinity, another renowned firm in the industry, surpassed $4 billion in total NFT sales, while Xterio raised $40 million, which will be invested in mobile Web3 games.
Immutable, an Australian NFT scaling platform, raised $500 million in June to kickstart blockchain-based games and NFT companies.
One of the biggest investments of $200 million came from the founder of Machine Zone, Gabriel Leydon. Machine Zone mobile gaming studio has created such games as “Game of War” and “Mobile Strike.”
Doing Better In Crypto Winter
Axie Infinity, one of the most popular games in the sector, has topped $4 billion in all-time NFT sales, with about 36,000 new daily players joining in the last three months.
DappRadar previously assessed that blockchain games and metaverse projects appear to cope much better with the crypto winter than other industry segments.
The report said that unique active wallets (UAWs) have declined by 7% in Q2 compared to the previous quarter. This indicated that individuals continued to interact with blockchain decentralized applications at almost the same rate as before the Terra collapse.
On the Flipside
- According to the DappRadar research, 847,000 daily unique active wallets (UAW) interacted with blockchain games last month, an 11% decrease from July.
Why You Should Care
According to estimates, the metaverse market was worth $27.21 billion in 2020 and is expected to be worth $824.53 billion by 2030, rising at a 39.1% CAGR from 2022 to 2030.
Read more about DappRadars report about the blockchain gaming industry:
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