Venture funding for the blockchain industry remained strong in the third quarter, even as bearish conditions plagued digital asset markets, a sign that venture capital firms were more focused on the sector’s long-term value proposition. .
Blockchain and metaverse gaming projects raised a total of $1.3 billion in venture capital between July and September, according to DappRadar’s latest report on BGA gaming. While this figure was down 48% compared to the second quarter, it was nearly double the total amount raised in 2021.
DappRadar said projects focused on Web3 metaverse infrastructure accounted for more than 36% of quarterly investments.
Looking at blockchain gaming specifically, the report showed that underlying industry activity was still growing despite the bear market. The number of unique active wallets participating in blockchain games increased 8% month-on-month in September, reaching 912,000. DappRadar said that Web3 games “remain a driving force for the dapp industry,” accounting for nearly half of all blockchain activity across 50 networks tracked by the firm.
As Cointelegraph reported, data from DappRadar showed that seven of the top 10 blockchain games saw an increase in unique wallet addresses during September. The company noted that most of the major games are mobile-based, a key feature in driving widespread adoption.
However, it may still be a while before blockchain and Web3 gaming piques the interest of casual gamers, according to a recent survey by blockchain entertainment provider Coda Labs. The survey revealed that only 12% of gamers non-crypto have delved into Web3 gaming and only 15% were interested in doing so in the future.
Nevertheless, Web3 projects of all kinds have attracted a great deal of interest from the venture capital community. According to Cointelegraph Research, Web3 projects accounted for 42% of all individually funded deals in Q2 and seven of the top ten most active VCs identified Web3 as their top investment sector.
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