🎮Blockchain Game Market

Blockchain Gaming Industry Overview

Despite the harsh market conditions, Web3 games continue to be a driving force for the dapp industry. In Q3, gaming activity accounted for almost half of all blockchain activity tracked by DappRadar across 50 networks, with 912,000 daily Unique Active Wallets (UAW) interacting with games’ smart contracts in September.

In September, the blockchain gaming industry increased the average of daily Unique Active Wallets (UAW) by 8% to 912K accounting for 48% of blockchain activity, a highly positive indicator for this category.

$1.3 billion were raised in Q3 by blockchain games and Metaverse projects

Following the trend witnessed throughout the year, partnerships and investments in blockchain gaming kept coming with another $156 million raised in September.

During the third quarter, investors poured $1.3 billion into the blockchain gaming business, a decrease of 48% from the second quarter.

Nonetheless, even if this quarter had the lowest level of investments, it demonstrated that the sector never stops expanding and that new major players are entering the market. Hadean, a London-based deep technology startup, obtained $30 million in financing in September to develop its Metaverse infrastructure platform.

Hadean has built essential Metaverse components and struck multi-year partnerships with entertainment (Minecraft, Pixelynx, Sony, and Gamescoin), education, and business digital twin service providers. This new round of investment will accelerate Hadean’s capacity to equip producers in new and developing Metaverse marketplaces with the means to transform every element of how we work, construct, purchase, and consume.

Conclusion

Given that the crypto gaming sector is still at an early stage, a large number of games and studios are expected to see quick expansion and a subsequent decline in the near future.

The many similarities between the origins of free-to-play and blockchain gaming, however, imply that early entrants in the sector need close observation, because of the potential market growth dynamics.

We are currently at an embryonic stage with tremendous potential for expansion. While there are still a number of improvement opportunities, the industry is continually evolving and innovating.

Blockchain gaming’s future is bright, and it is on track to become the frontrunner for Web3.

Source: DappRadar x BGA Games Report – Q3 2022, Dappradar & Blockchain Games Alliance