Web3 Gaming Projects Attract $739 Million in Q1 2023

According to a new report from DappRadar and the Blockchain Gaming Alliance, Web3 gaming projects attracted $739 million in investments in the first quarter of 2023. Nearly 60% of this funding ($434 million) was raised in March 2023. $214 million was invested in gaming and metaverse companies. Another $159 million was spent on infrastructure companies. In comparison, the $10 million invested in NFT companies represents only a small portion of the total funding. wax remains the most active blockchain gaming protocol, followed by Polygon, Hive and BNB Chain.

The report details the surge in virtual world activity. Virtual worlds transaction activity ended the quarter at $350 million, the best quarter since Q2 2022. dappRadar recorded over 67,000 virtual land transactions in March, almost half of the 143,000 total transactions for the quarter.