Surge of $297M Investments in Metaverse and Web3 Gaming

DappRadar’s latest industry report has shed light on the exciting and rapidly evolving world of blockchain gaming and the metaverse. With significant investments pouring in and even major players like Google recognizing the potential of Web3 gaming, we are witnessing a transformative shift in the industry. Here’s what you need to know from the report.

Firstly, blockchain gaming accounted for 41% of on-chain activity in July, with WAX leading the way in terms of unique active wallets. With 300,325 daily unique active wallets, WAX has established its prominence in the gaming domain.

One of the significant developments highlighted in the report is the partnership between Ronin and CyberKongz. CyberKongz, an Ethereum-based NFT collection, revealed a segment of its anime-inspired Genkai NFTs on the Sky Mavis blockchain. Moreover, CyberKongz plans to transition its “Play & Kollect” on-chain community from Polygon to Ronin, solidifying the bond between the two.

Ethereum L2’s gaming landscape saw a shift as Mighty Bear Games migrated its “Mighty Action Heroes” game from Polygon to Arbitrum, contributing to the rising popularity of the Arbitrum gaming platform. Additionally, TreasureDAO achieved a transaction volume of over $842,000 from 73,580 transactions within a month on Arbitrum.

In terms of gaming leaders in July, Sweat Economy emerged as the most played game dapp with over 739,000 monthly unique active wallets. However, virtual world trading volumes hit a year-low at $5.6 million from 10,796 land sales.

Interestingly, both trading volumes for virtual worlds and virtual world dapps saw a decline in July, signaling a possible decrease in hype around virtual realms. Top virtual world dapps like Otherdeed for Otherside and Otherdeed Expanded dominated the trading volume.

Despite these fluctuations, investments in Web3 gaming rebounded to $297 million in July, with 63% directed towards infrastructure projects. This shows the industry’s faith in the potential of the metaverse and virtual worlds, even in the face of downtrends.

Furthermore, Google’s Play Store is set to embrace web3 gaming later this year, although with certain restrictions. This move by Google also sparks renewed interest in NFT exploration among mobile gaming studios.

Overall, the report’s findings highlight a prevailing optimism surrounding the combination of blockchain gaming, the metaverse, and mainstream platforms. The adoption of platforms like Ronin for significant ventures underscores that blockchain’s presence in the gaming universe is not a passing trend, but a transformative shift actively shaping the future. As we move forward, closely monitoring how these investments translate into innovation, user engagement, and market growth will be crucial. The intersections of gaming, blockchain, and the metaverse aren’t just shaping the future; they are actively building it.