The cryptocurrency market may be having a rough time, but Web3 games and Metaverse projects still see massive investments even in the third quarter of 2022, albeit lower than the previous quarter. In fact, blockchain and metaverse projects received $1.3 billion in investments during the third quarter, down 48% from the second quarter of 2022, according to a new report by the DappRadar Blockchain Analysis platform, which was released on October 12.
In-depth investment analysis
To gather this data, DappRadar tracked Blockchain activity across 50 networks and found that investments nearly doubled year-on-year despite declining investments compared to the second quarter. Additionally, the Blockchain Gaming Report found that blockchain gaming projects raised $156 million through investments and partnerships in September 2022 alone. Meanwhile, projects focused on building the infrastructure of the Metaverse Web3 have , such as Inworld AI or Hadean, represents more than 36% of the investments during the observed quarter. Period. In terms of full-year forecasts, the report estimates that the total amount of investments for 2022 will end up being 8.8% lower, an increase of about $9.25 billion as investors remain bullish on blockchain gaming industry. Blockchain games and Metaverse projects will bring in $1.3 billion in Q3 2022.
Gaming accounts for half of blockchain activity
At the same time, the analysis also found that gaming accounted for nearly half (48%) of all blockchain activity over the observation period, with 912,000 unique active wallets (UAWs) interacting with contracts daily as of September. However, among the top six blockchains used for gaming projects, Solana (SOL) was the only one to see a quarter-on-quarter increase of up to 269% in the number of UAWs from Q2 to Q3, though this was only the case reached 4.82%. of the gambling activity that takes place on this network. Elsewhere, Finbold previously reported on the Metaverse projects that offer the highest return on investment (ROI), pointing out the Metaverse game Axie Infinity (AXS) as well as two virtual environments where you can buy Metaverse land – The Sandbox (SAND) and Decentraland (MANA) – as the most profitable.