Blockchain Gaming And Metaverse Initiatives Raised $1.3 Billion In Q3 2022, Says Report

BGA Games Report for third quarter by DappRadar reveals that Blockchain games and metaverse projects raised $1.3 billion in Q3 2022
Blockchain Gaming And Metaverse Initiatives Raised $1.3 Billion In Q3 2022, Says Report

Blockchain gaming and metaverse projects raised an astonishing $1.3 billion in Q3 of 2022, the latest BGA Games Report for Q3 2022 by DappRadar reveals.

Web 3.0 games, the report says, continues to be a “driving force for the dapp business despite the challenging market conditions”.

DappRadar analysed Blockchain activity across 50 networks. It found that in September 2022 alone, about 912,000 daily Unique Active Wallets (UAWs) interacted with the smart contracts of games.

According to the report, Hadean, a metaverse company, has built essential metaverse components and struck multi-year partnerships with entertainment, education, and business digital twin service providers. These include, Minecraft, Pixelynx, Sony , and Gamescoin, among others.

“This new round of investment will accelerate Hadean’s capacity to equip producers in new and developing metaverse marketplaces with the means to transform every element of how we work, construct, purchase, and consume,” the report says.

The two Web 3.0 games, Alien Worlds and Splinterlands, saw over 160,000 daily UAWs in September 2022. The same month, UAWs on the gaming platform Gameta, which was first introduced on Solana, and is now available on the BNB Chain, as well, exceeded one million per day.

Similarly, “the Polygon-based Benji Bananas climbed the rankings during the last quarter, attracting over 29,000 daily UAWs in September,” the report adds.

The influence of Blockchain games is also discernible in the non-fungible token (NFT) market, where gaming group Gods Unchained cracked the top-5 collections by trading volume in September. Its game assets produced more than $18 million.

Moreover, in September 2022, the Blockchain gaming industry increased the average of daily UAW by 8 per cent to 912,000, accounting for 48 per cent of Blockchain activity, a highly positive indicator for this category, according to the report.

“The amount of investments demonstrate that despite the challenging and uncertain conditions in the digital asset markets, major investment entities remain bullish on the Blockchain gaming industry,” the report added.

The term ‘metaverse’ is frequently used to refer to what many believe will be the next important paradigm in how we use digital technology and networks to communicate, collaborate, and have a variety of virtual experiences.

It is not a single technology, equipment, or service offered by a single business. It is the result of the fusion of multiple distinct technologies, all of which are rapidly becoming mature enough for widespread usage.

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