Investments in the web3 gaming and metaverse sectors increased in July 2023 and reached $297 million, according to a report from DappRadar and Blockchain Game Alliance. This renewed interest comes after a short break in the market and indicates a growing appetite for innovative projects within the blockchain gaming and virtual reality space.
Blockchain gaming takes the lead
In a notable trend, blockchain gaming has taken the lead, accounting for 41% of on-chain dapp activity during the month. A whopping 712,611 daily unique active portfolios (dUAW) were recorded, indicating strong engagement within this segment. Among the blockchain gaming platforms, WAX emerged as the leader, with 300,325 dUAW.
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Genkai NFTs: trading volume and price trends
An intriguing development in the NFT space is the achievement of Genkai NFTs. Despite an initial strong performance, these digital assets saw trading volume exceed $491,000. More specifically, the bottom price of Genkai NFTs saw a significant drop, to 0.19 ETH, a 24% drop from the coin value. This shift raises questions about the inherent volatility of NFT markets and the factors influencing their value trajectories.
Arbitrum Gaming is gaining momentum
The momentum in web3 gaming is further evidenced by the growing adoption of Arbitrum. Mighty Bear Gamessuccessful migration from Polygon to Arbitrum demonstrates the potential benefits of this transition. In addition, TreasureDAO recorded an impressive transaction volume of over $842,000, coming from 73,580 transactions within a single month. This migration and traction within Arbitrum gaming suggests a shifting preference for platforms that offer improved scalability and user experience.
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Sweat Economy and Metaverse Trading Volumes
An exciting story within the web3 gaming landscape is the ascent of the Sweat Economy game dap. In July, it emerged as the most played gaming dapp, with a significant monthly user base of over 739,000. This achievement underscores the growing diversity of gaming experiences within the blockchain space and the potential for innovative gaming mechanics to capture user engagement.
Conversely, trading volumes within the metaverse segment reached a year low in July. Metaverse trading volumes reached $5.6 million, primarily attributed to 10,796 land sales. This downturn calls for investigation into possible factors contributing to this decline and whether it represents a temporary shift or a more substantial trend.
Infrastructure investments dominate
The impressive $297 million inflow of investment into the web3 gaming and metaverse sectors is further distinguished by its allocation. A significant 63% of these investments were funneled into infrastructure development. This award highlights the recognition of the critical role technology foundations play in shaping the future of web3 gaming and metaverse experiences.
As the web3 gaming and metaverse sectors continue to evolve, these investment trends provide valuable insights into the emerging dynamics and potential trajectories of this rapidly growing space. With blockchain gaming leading the way, fluctuating NFT trends and investments primarily focused on infrastructure, the coming months hold promise for innovation and growth at the intersection of gaming and decentralized technologies.