The GameFi sector remains a leading force in the blockchain and crypto space despite the ongoing downturn in the crypto market. Recent numbers from DappRadar revealed that Web3 games and Metaverse projects raised $748 million in funds last month. This was up 135% from July but is still a decline of 16% compared with June.
Blockchain gaming collected $3.1 billion in investment last quarter; so far in 2022, it has added $6.9 billion in funds. This year's forecast seems to indicate that investments could reach $10.2 billion — an increase of 20% over the $4 billion of 2021. The figures suggest that investors remain bullish on GameFi, despite uncertain market conditions.
"Looking at the whole picture, we observed that 38% of the investments goes to infrastructure, 33% to games and metaverse projects, and 27% to investment firms," the report stated.
More than 50% of the industry's usage is still in blockchain games, despite an 11% decline from last month, to an average of 847,000 daily Unique Active Wallets (UAW).
On the nonfungible token, or NFT, side, the total trading volume related to games increased by 13.25% in August, and sales jumped by 83.36% to over 1.3 million nonfungible tokens traded. A recent ChainPlay Survey found that 75% of GameFi investors joined the crypto space solely for games projects, and 81% are prioritizing positive in-game experiences above profit-making.
Metaverse projects' sales rose 38.62% month-to-month to 19,354, while trading fell 28.90% to $22 million. Among the protocols, Ethereum's trading volume fell 14.40% in August, bringing it to $11 million. Meanwhile, Solana's increased 171% to $1.7 million, and Ronin's increased 27.64% to $8.2 million in total trading volume.