Blockchain gaming attracts $2.3 billion investments in 2023, despite bearish market

Investments in blockchain gaming sector soar

Blockchain gaming projects have seen a staggering $2.3 billion in investments in 2023, according to a report from DappRadar. Despite a bearish market for cryptocurrencies throughout the year, the sector managed to attract significant funding. The first quarter alone saw $739 million invested, followed by $973 million and $600 million in the second and third quarters, respectively.

Metaverse-related games and technology gain traction

Surprisingly, the third quarter of 2023 saw $213 million invested in the development of metaverse-related games and technology. This comes despite some declaring the metaverse dead. The remaining investments in the quarter went to Web3 gaming infrastructure and investment firms, as reported by DappRadar.

Investments in Web3 gaming decline compared to 2022

Although investments in the blockchain gaming space remain strong, the amount invested in Web3 gaming this year is significantly lower compared to 2022. DappRadar analysts noted that this year's investments represent only 30% of last year's fundraising activity. In the third quarter of 2022, $1.2 billion was invested in blockchain gaming, while the third quarter of 2023 recorded about 50% less, indicating a notable decline in investment in the space.