Blockchain gaming is one of the most promising and lucrative sectors in the decentralized application (DApp) space, according to a new report by DappRadar. The blockchain intelligence platform reveals that $2.3 billion in investment funding has flowed into the crypto gaming industry in the first three quarters of 2023.
DappRadar says that the high level of funding shows that investors are confident in the potential of blockchain gaming, which offers players more ownership, interoperability, and rewards than traditional games. However, the report also notes that the funding amount is only 30% of what was raised in 2022, suggesting that external market conditions may have an impact on the sector.
The report highlights some of the upcoming and anticipated Web3 games that have received funding in the past year, such as OpenSea, Axie Infinity, Sorare, The Sandbox, and Star Atlas. These games are expected to launch or expand their features in the near future, attracting more users and attention to the blockchain gaming space.
DappRadar also tracks the daily active wallets and transactions of blockchain games across different platforms and categories. The report shows that blockchain gaming activity increased by 12% in Q3 2023, reaching an average of 786,766 daily active wallets. The most popular genres were collectibles, play-to-earn, and metaverse games.