The GameFi sector remains a leading force in the blockchain and cryptocurrency space despite the current downward trend of the sector. Recent figures from DappRadar revealed that the Web 3.0 and metaverse gaming projects raised $748 million in funding last month. This was 135% more than in July, but still a 16% decrease compared to June.
Blockchain games raised $3.1 billion in investments last quarter; so far in 2022, they have added $6.9 billion in funding. This year’s forecasts seem to indicate that investments could reach USD 10.2 billion, an increase of 120% compared to USD 4 billion in 2021. The figures suggest that investors remain bullish on GameFi, despite uncertain market conditions.
“Looking at the full picture, we see that 38% of investments go to infrastructure, 33% to games and metaverse projects, and 27% to investment ventures,” the report points out.
More than 50% of industry usage is still in blockchain gaming, despite an 11% drop from last month to an average of 847,000 daily active unique wallets (UAWs).
As for non-fungible tokens, or NFTs, total gaming-related trading volume rose 13.25% in August, with sales soaring 83.36% to exceed $1.3 million worth of non-fungible tokens traded. A recent ChainPlay survey found that 75% of GameFi investors joined the cryptocurrency space solely for gaming projects, and 81% are prioritizing positive gaming experiences over potential profits.
Sales for metaverse projects rose 38.62% month-over-month to $19,354, while trade fell 28.90% to $22 million. Among protocols, Ethereum trading volume fell 14.40% in August, standing at $11 million. For its part, Solana increased 171% to USD 1.7 million, and Ronin 27.64% to USD 8.2 million in total trade volume.
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