9.5 C
Monday, May 29, 2023

Web3 Gaming Still Growing Despite Economic Woes

Web3 Gaming Still Growing Despite Economic Woes – The Web3 gaming industry has been less affected by the current economic slump than the traditional and cryptocurrency markets. A recent analysis from Dappradar claims that the figures coming from this sector have been strong, defying the impact of these factors.

- Advertisement -

Since August 1st, the Web3 gaming sector has seen investments totaling $748 million, which is a 135% increase over July’s investments. Even so, the fact that this amount is still 19% below what was invested in June demonstrates that the ecosystem is still recuperating. These investments consist of Temasek’s $100 million investment in Animoca Brands and the $200 million raised by Gabriel Ledon for a new business called Limit Break.

People Also Read: Dubai Luxury Hotel Palazzo Versace Allows Guests to Pay in Crypto

According to estimates, the total investment in the industry in 2022 will be close to $10 billion. The total investment in the industry during Q3 was estimated to be $1.1 billion. The $4 billion invested in 2021 would more than double in this case.

According to the report, key Web3 gaming projects were in good shape and some statistics indicated progress. While revenues in the virtual world sector fell by 28.90% to $22 million, the number of sales increased by almost 40% to 19,354, demonstrating that there is still a market for the products these projects are offering.

- Advertisement -

The third season of The Sandbox, a metaverse platform built on Ethereum, was released last month. It features over 90 experiences from various sources, including The Walking Dead, Snoop Dogg, and the Smurfs. As a result, there are now 40% more active wallets on the platform.

According to the report, Stepn, one of the first games in the move-to-earn industry, has maintained some level of popularity, with more than 3 million cumulative monthly users. Despite all of this effort, the report acknowledges that Web3 gaming is still in its infancy and that the sector continues to be shrouded in mystery.

People Also Read: Uruguay Introduces Cryptocurrency Law in Parliament

Web3 Gaming Still Growing Despite Economic Woes – Despite the lack of participation from established gaming organizations, the report predicts that if this growth continues, the blockchain gaming sector will eventually rank among the largest in the Web3 economy.

- Advertisement -


Please enter your comment!
Please enter your name here

More From Evoclique