The crypto-based blockchain gaming industry has seen a surge in investments in the third quarter of 2023, according to a recent report by DappRadar. The report reveals that the industry received $600 million worth of investments in Q3, bringing the total investments for the year to $2.3 billion.
While the figure is impressive, it is worth noting that Q3’s investments were the lowest compared to the previous four quarters. There was a 38.3% drop in investments compared to Q2 2023, and the inflow was nearly half of what was seen in Q3 2022.
Despite this drop, crypto-based blockchain gaming continues to dominate the decentralized application (Dapp) ecosystem. Gaming has consistently outperformed other facets of the Dapp ecosystem since at least Q3 2022. It is closely followed by decentralized finance (DeFi), which has also been a recurring trend.
The report also highlights a 12% increase in daily unique active wallets (UAW) in Q3 compared to Q2, showing the growing interest and engagement in blockchain gaming. On average, there were 786,766 active wallets every day.
In terms of blockchain preference, Wax ranked highest in transaction count, followed by Solana (SOL) and Binance’s BNB Chain. Despite a 42% drop from Q2, Solana maintained its position as the second most preferred blockchain for gaming.
The question remains, why is crypto and blockchain gaming gaining traction? One reason could be that gaming is a massive industry that has proven resilient during market crashes. People turn to gaming for recreational purposes, making it less vulnerable to economic fluctuations. Additionally, more mainstream video game studios are entering the web3 realm, further fueling interest in blockchain gaming.
The report by Meticulous Research also supports the growing popularity of crypto-based blockchain gaming. It predicts that the market will reach $165.4 billion by 2030, with a compound annual growth rate (CAGR) of 51.7% from 2023 to 2030.
Overall, the crypto-based blockchain gaming industry is experiencing significant investment and growth, despite a slight decline in Q3. With increased interest from both investors and mainstream gaming studios, the future looks promising for this emerging sector.