Web3 Gaming Still Growing Despite Economic Woes, According to Dappradar Report

According to a recent report produced by Dappradar, the Web3 gaming industry has managed to raise $750 million since August 1st in spite of the crypto downturn, with several important projects registering positive numbers regarding sales and activity.

Web3 Gaming Industry Thriving Amidst Economic Downturn

The current economic downturn that is affecting the traditional and cryptocurrency markets has had a less significant effect on the Web3 gaming sector. According to a recent report issued by Dappradar, the numbers coming from this industry have been positive, resisting the effect of these variables.

The Web3 gaming industry has registered investments of $748 million since August 1st, 135% more than what was invested during July. However, this number is still 19% lower than what was invested during June, showing that the ecosystem is still recovering. These investments include $200 million raised by Gabriel Ledon for a new company called Limit Break and Temasek’s $100 million investment in Animoca Brands.

The total investment in the sector during Q3 was calculated at $1.1 billion, with estimations calculating the total investment in all of 2022 to be near $10 billion. This would more than double the $4 billion invested in 2021.

Activity and Future of the Sector

The report found that key projects in the Web3 gaming sector were healthy, with some numbers showing positive developments. In the virtual world area, while the total sales decreased 28.90% to $22 million, the number of sales climbed by almost 40% to 19,354, showing there is still demand for the products these projects offer.

The Sandbox, an Ethereum-based metaverse platform, released its third season last month, offering over 90 experiences coming from different sources, including The Walking Dead, Snoop Dogg, and the Smurfs. This has caused a rise in the number of active wallets on the platform by 40%.

Stepn, one of the pioneer games in the move-to-earn industry, has maintained some grade of popularity, with more than 3 million accumulated monthly users, according to the report. Even with all this activity, the report acknowledges that Web3 gaming is still at its embryonic stages and that the industry still has a “mystery” associated with it.

However, even with the low involvement from traditional gaming companies, the report believes that if this growth continues, the blockchain gaming field has a high possibility of becoming one of the biggest industries in the Web3 environment.