A new DappRadar report states that investments in blockchain games and Metaverse projects are accelerating as major investors pour big bucks into the crypto subsectors.
According to the data collection and analytics firm, Web3 Gaming and Metaverse projects have garnered $748 million in investment since August, despite the overall crypto downturn.
Big investments over the past month include the $200 million raised by mobile gaming icon Gabriel Leydon for Limit Break, a firm focused on blockchain-based games. Temasek, a Singapore-owned global investment firm, has invested $100 million in Animoca Brands, a venture capital firm and Web3 gaming publisher.
According to the report, the total amount invested in blockchain games for the year is expected to be $10.2 billion. Last year it was $4 billion.
“The level of investment shows that despite the challenging and uncertain conditions in the digital asset markets, major investment firms remain bullish on the GameFi industry.”
According to the analytics firm, games and Metaverse projects receive about a third of investment in the GameFi industry. The rest goes mostly to infrastructure and investment firms.
DappRadar concludes the report by stating that the blockchain gaming space is still in an embryonic stage with massive potential for growth.
“While there are still some areas to improve, the industry is constantly evolving and reinventing itself. The future of GameFi looks bright and is on track to take the lead towards Web3.”
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Featured image: Shutterstock/A. Solano