According to industry data, Blockchain gaming industry is very active in terms of adoption. Therefore, this situation attracts the attention of venture capital firms. Data from DappRadar shows that capital is flowing into 6 game coin projects.
“Capital preferred 6 game coin projects”
cryptocoin.comAs you follow, bearish conditions are destroying the digital asset markets. However, venture funding for the blockchain industry remained solid in the third quarter. This is a sign that venture capital firms are focusing more on the industry’s long-term value proposition.
According to DappRadar’s latest BGA Games Report, blockchain game coin and metaverse projects have raised cumulative $1.3 billion in venture capital between July and September. This figure fell 48% compared to the second quarter. However, it was almost double the total amount collected in 2021. DappRadar says projects focused on Web3 metaverse infrastructure account for more than 36% of quarterly investments.
Looking at blockchain games in particular, the report shows that the underlying industry activity is still growing despite the bear market. The number of unique active wallets participating in blockchain games increased by 8% month-on-month to 912,000 in September. DappRadar notes that Web3 games “continue to be a driving force for the dapp industry.” He also states that the firm accounts for almost half of all blockchain activity in the 50 networks it monitors.
“The adoption of blockchain games will take time”
Data from DappRadar shows that 7 of the top 10 Blockchain games recorded an increase in unique wallet addresses in September. The company says most of the top games are mobile first. He notes that this is also an important feature for wider mainstream adoption.
However, according to a recent survey by Blockchain entertainment provider Coda Labs, it will likely take some time before Blockchain and Web3 games attract casual gamers. The survey shows that only 12% of non-crypto gamers engage in Web3 games. It also reveals that only 15% are interested in doing so in the future.
However, Web3 projects of all stripes are gaining a lot of attention from the venture capital community. According to Cointelegraph Research, Web3 projects accounted for 42% of all retail financing deals in the second quarter. Additionally, 7 out of 10 most active VCs identified Web3 as the best industry for investment.
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