Crypto gaming space raised a total of $748 million in August
Many investors and traders in different sectors of personal finance can tell any outsiders for free that 2022 has not been their year in terms of gains.
We have seen multiple crypto related cyber attacks, crypto token prices plummeting and also the stock market experiencing downward trends. Many external factors can be brought forward for these explanations as many are now becoming weary of the recession and its effects it can have on markets.
Despite the wintery financial market conditions, many have latched onto the crypto/web3 gaming sector.
Many popular titles have somewhat easy accessibility for all types of gamers and blockchain enthusiasts. Partner that with the lucrative returns these metaverse experiences offer and you have one of the hottest concepts to emerge out of the gaming industry in recent years.
What are the statistics showing?
The popular research site DappRadar was behind this recent report, showcasing the positive affirmation from fans of Blockchain gaming and where this leaves the industry.
Conducted between the 1st of August until the 31st of August. The findings are as follows…
847, 000 unique web3 wallets were reported to have signed in to play their favourite games. Despite this number being high, it is actually an 11% decline from the month of July’s reports on gamer activity.
Metaverse projects as a result of the large numbers in activity distributed just as large amounts back to gamers in the form of rewards and incentives. This was said to have totalled $750 million, a 135% increase since July.
For many these numbers are a great indication of what has been and what is to come in terms of game development and user activity.
Whilst remaining sustainable from a user standpoint, there has also been sustainability in terms of institutional investments allowing the space to grow more and more.
Let’s look deeper into some of the big names giving the space a further helping hand.
Who has been making their mark in web3 this past August?
Many will be thankful for the continued activity from the everyday gamer and crypto investor.
We cannot forget the venture capitalists and other like minded parties who are pumping their time and money into prospectus web3 projects!
The first notable headline we saw in the month of August came from Animoca Brands as they saw $100 million come from a Singaporean company, Temasek.
Animoca are the founders behind the popular blockchain game Phantom Galaxies. Seeing a devoted company such as this receive such large funds is exactly what the industry is needing to help keep it growing into the future.
Axie Infinity is never shying away from the headlines, whether they be positive or negative!
This time however, they are for positive reasons as $4 billion in all time NFT sales were recorded for Axie in the month of August. A great achievement for such a popular title.
“Blockchain gaming, the newest addition to a still young sector, has not yet lost its mystery. Many are still unaware of its significance, and the ever-changing gaming ecosystem provides little assistance,”
The above figures are a great indicator of what’s to come for Crypto gaming.
DappRadar’s report conducted the year previous stated that only $4 billion was invested into defi gaming so this recent study is showing the exponential growth the industry has faced.
Our take after this report
One thing that is clear is that crypto gaming is showing some great upwards growth since its inception and rise in popularity over the past 12 months.
Billions of dollars are being pumped into this sector of gaming showing the potential this newfound technology really has.
Whilst we are very much in the moment it is possible that the economic downturn society is facing at the time of writing could have a negative impact on crypto gaming investors and users interaction with the markets.
However, forecasts for upcoming releases and updates are still being fired at audiences across the globe. It will be interesting to see how it all pans out as the months go on into the future.
Let’s hope the closing months of this year are going to follow the same trends we have seen from the start. As always we recommend you do your research on crypto investing and gaming, as proven by market trends recently prices can be highly volatile making investments unpredictable in value.