Blockchain gaming projects have seen $2.3 billion in investments in 2023, with the third quarter getting $600 million despite crypto market prices seemingly being in a bearish mood all year.
According to a report from the decentralized applications (DApp) tracking platform DappRadar, the first quarter of 2023 netted $739 million in investments, while the second and third quarters saw $973 million and $600 million, respectively. This shows that the blockchain gaming sector attracted a total of $2.3 billion in investments in the first three quarters of 2023.
Among the investments in the third quarter of 2023, $213 million went to the development of metaverse-related games and technology despite some declaring the metaverse dead. The rest of the investments seen in the quarter went to Web3 gaming infrastructure and investment firms, according to DappRadar.
While investments in the space show that stakeholders still recognize the potential in the blockchain gaming space, the amount invested into Web3 gaming this year is much lower than in 2022. DappRadar analysts highlighted that the amount invested this year is only “30% of last year’s fundraising activity.”
The third quarter of 2022 drew $1.2 billion in investments in blockchain gaming, but the third quarter of 2023 recorded about 50% less, marking a significant decline in investment in the space.