According to a report from the decentralized application (DApp) tracking platform DappRadar, the first quarter of 2023 saw $739 million in investments, with the second and third quarters reaching $973 million and $600 million, respectively. This indicates that the blockchain gaming sector has attracted a total of $2.3 billion in investments in the first three quarters of 2023.
Of the investments made in the third quarter of 2023, $213 million was allocated for the development of games and technologies related to the metaverse, despite some claiming that the metaverse is dead. According to DappRadar, the remaining portion of the investment in the quarter went to investment firms and Web3 gaming infrastructure.
While these investments in the space show that stakeholders still recognize the potential in the blockchain gaming sector, the amount invested in Web3 gaming this year is significantly lower than in 2022. DappRadar analysts emphasize that the investment this year is only “30% of last year’s fundraising activities.”
The third quarter of 2022 attracted $1.2 billion in investments in blockchain gaming, but the third quarter of 2023 recorded less than 50% of that, marking a significant decline in investments in this space.