In recent years, the Web3 gaming business has seen substantial expansion and investment. The integration of blockchain technology and decentralized networks in gaming has created new opportunities for players and investors alike. The DappRadar report details a massive surge in blockchain games investment.
The release says that Web3 gaming projects have been able to get at least $739 million in investments for the first quarter of 2023. Also, $434 million, or 60% of the total investment amount, is raised in the month of March. Experts say that it looks like the best quarter so far. These analyses show that investments in Web3 and blockchain will move quickly. Web3 games that do well need to have good funding. About half of the March 2023 funding, or $214 million, was put into game and metaverse companies. Infrastructure firms were given an extra $159 million. Compared to the total funds, the $10 million that was put into NFT firms is like a drop in the bucket.
DappRadar report also highlights some astonishing trends waving in between the number of wallets and on-chain transactions over the last quarter. Surprisingly, the number of unique active blockchain wallets dropped to 9.7% compared to the previous quarter in 2022. Apart from that, blockchain gaming is continuously making moves with an average of 791474 daily Unique Active Wallets (dUAW). DappRadar reported an 8.58% decline in Q1 compared to last year. Gaming accounts for 45.6% of the total industry.
Key takeaways from DappRadar Statistics
Even though things are slowing down, blockchain games made up 44% of activity in March and 45% of activity in the first quarter of 2023. This is up from the fourth quarter of 2022, when blockchain games made up 42% of dUAW activity. This means that blockchain games are more valuable than other kinds of decentralized applications.
It shows how good the Web3 gaming business is and how much investors could make from it. DappRadar is a reliable way to track how well decentralized applications (DApps) work on different blockchain platforms. According to its report, venture capital firms and private investors are becoming more interested in putting their money into the Web3 gaming business.
The market for decentralized apps (dapps) went up and down in Q1 due to changes in on-chain indicators and the way the market moved. But the overall numbers are still good because the crypto space is full of new ideas.
DappRadar Top Blockchain Gaming Protocols
WAX, which stands for "Worldwide Asset eXchange," is a blockchain technology that was made specifically for Web3 games and for making and trading NFTs (non-fungible tokens). It is based on the EOSIO blockchain technology and is known for how quickly it works, how long it lasts, and how little it costs to make a transaction. In March, wax made up an average of 314000 dUAW, or 42% of the whole volume. It is, though, 8% less than the month before.
Polygon (Matic Network) is a layer-2 scaling system for Ethereum that allows operations to be done faster and for less money. It is a popular solution for Web3 game developers who want to build on Ethereum but need to cut gas fees and speed up transaction times. Polygon is now the second busiest network, ahead of Hive. In March, Polygon averaged 138,000 dAUW, which was 53% more than in February. BoomLand and Planet IX's Hunters On-Chain are partly to blame for this growth.
Hive is getting worse, with an average of 27% less dUAW than in February. The fact that 99% of protocol activity is controlled by Splinterlands shows how important the game's success is to Hive.
Notable Blockchain Games of the Month
Alien Worlds is a well-known blockchain game with a strong community and a growing number of users. Alien Worlds still has the most unique active wallets of any blockchain game, with 580,000 in March 2023. In the first three months of 2023, it was still the most-played blockchain game.
Last month, there was more dUAW in Hunters On-Chain, Planet IX, and Yuliverse. Hunters On-Chain came out in March, while Planet IX grew by 708% and Yuliverse grew by 2,656%. Plant IX and GAMEE, which is part of Animoca Brands, have signed a sponsorship deal. But Yuliverse said that people who owned OG NFTs would get special benefits, which most likely made people want to trade.
Overall, the report shows that people are doing more things in virtual worlds. At the end of the quarter, trade in virtual worlds was worth $350 million, which was the most since Q2 2022. DappRadar said that more than 67,000 pieces of virtual land were bought in March, which was about half of the total of more than 143,000 for the quarter. This good report from DappRadar gave us useful data to help us understand how the market is changing, and we hope that people will find this information useful. They will learn a lot about Web3 and blockchain and be able to take advantage of new investment opportunities in these areas.
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