Investments in the web3 gaming and metaverse sectors surged in July 2023, reaching $297 million, according to a report by DappRadar and Blockchain Game Alliance. This renewed interest comes after a brief lull in the market and indicates a growing appetite for innovative projects within the blockchain gaming and virtual reality space.
Blockchain Gaming Takes the Lead
In a notable trend, blockchain gaming has taken the lead, accounting for 41% of on-chain dapp activity during the month. A staggering 712,611 daily unique active wallets (dUAW) were recorded, signaling a robust engagement within this segment. Among the blockchain gaming platforms, WAX emerged as a leader, boasting 300,325 dUAW.
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Genkai NFTs: Trading Volume and Price Trends
One intriguing development in the NFT space is the performance of Genkai NFTs. Despite an initial strong performance, these digital assets saw a trading volume of over $491,000. More notably, the floor price of Genkai NFTs experienced a significant decline, dropping to 0.19 ETH, marking a 24% decrease from its mint value. This shift raises questions about the inherent volatility of NFT markets and the factors influencing their value trajectories.
Arbitrum Gaming Gains Momentum
The momentum in web3 gaming is further evidenced by the growing adoption of Arbitrum. Mighty Bear Games‘ successful migration from Polygon to Arbitrum showcases the potential benefits of this transition. Additionally, TreasureDAO recorded an impressive over $842,000 in transaction volume, stemming from 73,580 transactions within a single month. This migration and traction within Arbitrum gaming suggest a shifting preference for platforms that offer enhanced scalability and user experience.
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Sweat Economy and Metaverse Trading Volumes
A captivating narrative within the web3 gaming landscape is the ascent of the Sweat Economy game dapp. In July, it emerged as the most played game dapp, accumulating a substantial monthly user base of over 739,000. This feat underscores the growing diversity of gaming experiences within the blockchain space and the potential for innovative game mechanics to capture user engagement.
Conversely, the trading volumes within the metaverse segment experienced a year-low in July. Metaverse trading volumes reached $5.6 million, primarily attributed to 10,796 land sales. This downturn prompts exploration into potential factors contributing to this decline and whether it represents a momentary shift or a more substantial trend.
Infrastructural Investment Dominates
The impressive $297 million investment influx into the web3 gaming and metaverse sectors is further distinguished by its allocation. A significant 63% of these investments were funneled into infrastructure development. This allocation highlights the recognition of the crucial role that technological foundations play in shaping the future of web3 gaming and metaverse experiences.
As the web3 gaming and metaverse sectors continue to evolve, these investment trends provide valuable insights into the emerging dynamics and potential trajectories of this rapidly expanding space. With blockchain gaming taking the lead, NFT trends fluctuating, and investments primarily directed towards infrastructure, the coming months hold promise for innovation and growth in the intersection of gaming and decentralized technologies.