Blockchain game projects received $2.3 billion in investments throughout 2023, with the third quarter receiving $600 million, despite ongoing challenges in the cryptocurrency market.
According to a report from decentralized application (DApp) tracking platform DappRadar, blockchain games generated $739 million in investment in Q1 2023, followed by $973 million in Q2 and $600 million in investment. in the third quarter.
Of the third-quarter 2023 investment, $213 million went to game development and Metaverse-related technology, although some say the Metaverse is a fading concept. DappRadar reports that the remaining investment in the quarter was directed towards Web3 gaming investment companies and infrastructure.
While investments in this space show that the potential of blockchain gaming continues to be recognized, investment in Web3 gaming is significantly lower this year than in 2022. Analysts from DappRadar emphasizing that this year's investment is only "30% compared to last year".
In Q3 2022, blockchain gaming attracted $1.2 billion in investments, but Q3 2023 saw a drop of less than 50%, marking a notable decline in investment in this space.
