Web3 Gaming attracted roughly $300M funding in July

Web3 Gaming attracted roughly $300M funding in July

Web3 gaming investments saw an impressive surge in July, reaching a whooping sum of $297 million. This significant uptick was facilitated by strategic collaborations and noteworthy announcements, reigniting investor interest in the sector.

Investors still see potential in Web3 Gaming

A mere month earlier, in June 2023, these investments plummeted to an annual low of $68 million. Data provided by DappRadar attributes this slump largely to significant market hurdles.

Web3 Gaming attracted roughly $300M funding in July - 1
Source: DappRadar report

The figures from July have shown that web3 gaming is alive and well, even though certain industry insiders are stating that the play-to-earn model is dead.

SEC vs. Gaming Tokens

Two of the leading exchanges, Binance and Coinbase, found themselves in hot water, facing lawsuits from the Securities and Exchange Commission (SEC).

The legal prosecution extended to the web3 gaming realm, as several metaverse and blockchain gaming protocols were affected. Decentraland, The Sandbox, and Axie Infinity all had their native tokens (MANA, SAND, AXS) categorized as securities by the SEC.

Player base remains strong

But even with such challenges, the sector remains robust. DappRadar’s recent findings indicate approximately 712,611 unique active wallets are operating daily within this sphere. While this is a slight 0.5% dip from the prior month, it represents a substantial 41% of the entire industry’s active engagements.

The investment landscape last month predominantly favored infrastructure projects. These projects drew in a whopping $187 million, accounting for 63% of the entire financial commitment to the sector in July.

On the other hand, funds directed towards the development of games and ventures within the metaverse summed up to $110 million, making up the remaining 37% of investments.

Who stood out?

Gaming Blockchain WAX emerged as the front-runner in the gaming space, as measured by Unique Active Wallets (UAW). With an impressive count of 300,325 monthly dUAW, WAX proudly features renowned Web3 games like Alien Worlds.

Hot on its heels, BNB Chain clinched the second position, marking a robust 43% growth and recording 108,311 dUAW. This growth spurt is credited to platforms such as Xterio and Gaimin.

The rise wasn’t limited to the top two. SKALE, supporting titles like CryptoBlades, reported a 64% increase, noting 18,133 dUAW. Similarly, Flow experienced a meteoric 105% growth, registering 19,621 dUAW.

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