Investments in Web3 gaming projects reached $60 million in July, positively impacting the industry after a three-month slump.
Return of Interest in Web3 Games
According to analytics platform DappRadar, March 2023 saw the highest funding for Web3 games at $69 million. After declines in April, May, and June, investments have begun to flow again, primarily into projects with proven teams and strong intellectual property.
Change in Investor Preferences
Investors have shifted their focus to games that prioritize fun, with blockchain as an added element. 'It may seem that hype cycles are behind us, but we are witnessing a more sustainable foundation for the next wave of Web3 gaming,' notes DappRadar analyst Sara Gherghelas.
Market Condition and User Activity
In July, the number of unique active wallets in blockchain gaming reached 4.9 million, up 2% from June. DappRadar reports that blockchain gaming remains the only segment to show increased activity last month, keeping player interest alive through significant updates. 'July proved that Web3 gaming continues to build momentum,' Gherghelas adds.
The increase in investments in Web3 gaming and user activity highlights changes in the market, shifting focus to quality and sustainability of gaming projects.
