Web3 games and Metaverse projects are attracting investors’ attention despite the challenges the crypto market has faced this year. In August, an overwhelming $475 million was received from individual and corporate investors.
According to the data acquisition and analysis firm, DappRadar, Web3 gaming and metaverse projects have collected $748 million in investments since August despite the general downturn in the crypto space.
Among the big investments last month is the $200 million raised by mobile gaming icon Gabriel Leydon for Limit Break, a firm focused on blockchain-based games. Temasek, a global investment firm owned by Singapore, invested $100 million into Animoca Brands, a venture capital firm and Web3 gaming publisher.
According to the report, the total amount invested in blockchain gaming for the year is forecasted to come in at $10.2 billion. Last year, it was $4 billion.
“The amount of investments demonstrates that despite the challenging and uncertain conditions in the digital asset markets, major investment entities remain bullish on the GameFi industry.”
According to the analytics firm, games and metaverse projects receive about a third of the investments in the GameFi industry. The rest mostly goes to infrastructure and investment firms.
DappRadar concludes the report by saying that the blockchain gaming space is still in its embryonic stage with massive potential for growth.
“While there are still several areas for improvement, the sector is constantly developing and inventing. GameFi’s future looks bright, and is on the route to becoming the lead towards Web3.”