Footprint Analytics provided significant insights on market attitudes and advancements in September in the ever-changing world of blockchain gaming. Bitcoin’s price range was $25,158 to $27,210, reflecting market stability.
Polygon Dominates with 39 Games and 1,000+ Active Users in Blockchain Games
The Web3 gaming industry is growing. September saw 2,607 games, up 2.6% from August and 15.0% from April. The expansion indicates a healthy ecology and rising creator and player involvement. However, the Web3 gaming industry faces various obstacles. Player acquisition, retention, and longevity remain issues.
Polygon was the leading blockchain platform with 39 games and 1,000+ active users. This represents 8.6% of the site’s games. The BNB Chain grew 5.3% and Ethereum 1.5%. The findings show that blockchain gaming is varied, with many platforms gaining popularity.
In September, 13 projects had token prices rise 20% or more. Nakamoto.Games was particularly popular due to an 80.4% price increase. This shows the potential for Web3 gaming developments.
Web3 gaming received eight significant investment rounds in September. ProofOfPlay, a notable firm, raised $33 million in the month’s largest financing round. Funding growth indicates investor interest in blockchain gaming projects.
DappRadar found that Web3 gaming projects raised $600 million in the third quarter of 2023. Thus, this domain’s annual investments totalled $2.3 billion. The above figure is significant, yet it represents only 30% of the total funds earned in 2022.
TechCrunch Podcast Explores Contrasts Between Gaming and Crypto Integration in Web3
The third quarter saw the participation of technology startup capital firm A16z and its Speedrun accelerator program. Early-stage gaming and technology companies might get up to $75 million under this plan.
According to DappRadar, this year’s financing trend shows a remarkable distribution of cash. Investment firms received $125 million, 20.8% of total investment. Game/metaverse initiatives received $213 million, 35.5% of the money, while infrastructure projects earned $262 million, 43.6%.
The relevance of $600 million depends on one’s perspective. In the latest episode of TechCrunch Equity Monday, TechCrunch+ Editor-in-Chief Alex Wilhelm highlighted the gaming and cryptocurrency sectors’ differences. Some companies have raised significant money to integrate cryptocurrencies into the game business, but most have struggled to gain mainstream adoption.
The data shows that Web3 projects raised $600 million in the third quarter, down from $973 million in the second quarter. However, the value is close to $654 million from the fourth quarter of 2022.
