The latest investment figures in the blockchain gaming industry are out. Metaverse gaming received $739 million in investments in Q1 2023 alone according to a report by DappRadar and Blockchain Games Alliance.
Since 2017, blockchain games have entered the both the gaming and crypto industry with a bang. Games such as CryptoKitties and Axie Infinity were one of its titular titles, defining the genre and expectations of how the industry will play out.
It was expected that blockchain games will stand side-bys-side alongside DeFi (Decentralized Finance) and crypto. However, the bear markets have shown us that it is blockchain games that have stood the test of dire market conditions.
With several months in passing, and with the approach of a new year, has blockchain games still remained relevant in the minds of crypto investors?
The answer lies within the latest industry statistics.
Web3 Games in 2023
According to collaborative research between DappRadar and Blockchain Games Alliance, $739 million has been invested in blockchain games in Q1 of 2023 alone. The report analyzed statistical trends of wallets and transactions since the start of the year, with $434 million alone raised in a single month.
Taking a deeper look into how the funds are distributed will give as a brighter picture ofwhere the industry is headed. Roughly 29% is distributed to game and Metaverse companies like another 21% is given to Web3 infastructure companies. Notably, only $10 million has gone into NFT companies, signifying that metaverse driven games have more funding and support recently.
Blockchain Games is still the top industry in Web3
In comparison with other web3 industries, blockchain games still remain the most dominant with 44% to 45% of blockchain activity, suggesting that blockchain games are not only the most dominant since the bear market but have persisted through several months despite it.
There are many kinds of blockchain games, but the genre that has taken the spotlight this quarter is virtual metaverse games such as The Sandbox, Decentraland, and Otherside Metaverse. The Sandbox continues its slew of partnerships and events, while Decentraland had its huge Metaverse Fashion Week, showcasing luxury brands and companies taking a foothold into the metaverse.
Yuga Lab’s Otherside Metaverse recently held its second trip, with as many as 7,200 users partaking in the adventure. The game has been gaining popularity among gamers and NFT collectors alike, with its unique storyline and gameplay.
The NFT gaming industry is rapidly growing, and the investment in blockchain games is a testament to its potential. With the rise of virtual metaverse games, the industry is expected to attract a large audience of gamers and investors alike.
Overall, the investment in blockchain games is a positive sign for the industry, and it is expected to continue to grow in the coming years. The NFT gaming industry is constantly evolving, and it will be interesting to see what new games and innovations will emerge in the future.