In April 2024, investments in blockchain gaming reached $988 million, the highest amount since January 2021, according to the DappRadar Industry report.
“The first quarter of 2024 was marked by a palpable optimism within the Web3 industry, though investments in Web3 gaming maintained a more cautious approach with a total of $288 million, reflecting typical behaviors in economic cycles,” said the report.
“However, the beginning of the second quarter of 2024 signaled a notable shift in the investment landscape, with April [2024] witnessing an unprecedented influx of capital into the blockchain sector – $988 million, setting a new record since January 2021.”
A deeper analysis of the investment distribution shows that:
- A dominant 89% of the funds were channeled towards investment firms, while
- 7% supported infrastructure, and
- 5% were directed towards Web3 games
said the report.
“This influx of capital comes at a critical time for the gaming industry, which has experienced considerable turbulence, including 20,000 layoffs over the past eighteen months.”
At the same time, the report revealed that the dapp industry reached a new milestone with 10.6 million daily unique active wallets (dUAW) engaging with blockchain applications, maintaining gaming as the most active product category.
Gaming dapps were interacted with by 28% of all active wallets, witnessing a 17% increase from the previous month to 2.9 million dUAW.
- Leading the way, Pixels maintains its dominance with 20 million monthly unique active wallets (UAW)
- Trailing behind, Sweat Economy and StarryNift have 5.4 million, and
- 5 million UAW respectively.
Other significant games, such as Another World, motoDEX, and Alien Worlds, also demonstrate substantial player bases, highlighting the vibrant diversity of the Web3 gaming ecosystem.
The report also notes positive growth in the metaverse sector.
- Mocaverse led metaverse-related NFT collections with $8.4 million in trading volume, far outpacing the next closest,
- Farmland by Pixels, which had $1.48 million.
- Otherdeed by Otherside also saw substantial trading, hitting $1.02 million.
“The trend of play-to-airdrop continues to drive interest in blockchain gaming. Additionally, the current buzz in the Web3 industry centers on the proliferation of new gaming tokens,” added DappRadar.
“With market conditions improving, several developers have launched tokens this year [2024], including MAVIA, QORPO, and BAWK, with more anticipated soon, such as MOCA, MOJO, and NYAN.”
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