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The web3 gaming industry is off to a strong start to 2023, raising $156 million in 10 investments in January, according to a new report released by DappRadar.
Among notable developments, TreasureDAO emerged as a platform for building Metaverse projects, Square Enix launched its first NFT game, and Courtside Ventures focused on sports, collectibles, wellness, and gaming. Invested $100 million in third venture capital fund. His total investment in web3 games and metaverse projects reached $156 million.
The crypto gaming sector also saw an increase in on-chain activity, with daily active wallets (dUAW) up 1.31% to 858,621, accounting for 48% of dApp activity in January. On average, the market cap of the top gaming tokens has risen by 122%, with GALA leading by 218%.
Additionally, virtual world (experienced metaverse) transaction volume experienced significant growth in January 2023, reaching $44.5 million, up 114% from December 2022. The success of Metaverse dApps such as The Sandbox and Decentraland has increased the volume of transactions in the virtual world, according to the report.
The surge of top gaming tokens in January 2023 is a very positive sign for the industry. On-chain indicators are bullish and the hype surrounding these coins is only growing.
Other successes in this space include the launch of Sewer Pass by Yuga Labs, which generated $44.6 million in trading volume in just two weeks. Additionally, the pass granted access to his Dookie Dash, a limited-time game, which the owner could play to “qualify for summoning.”
Courtside Ventures partner Kai Bond shared his investment paper as part of the report.
The greatest achievements always lie at the intersection of new forms of distribution and new types of monetization. The potential of Web3 lies in the same space and Courtside Ventures is well positioned to capitalize on it.
Traditional gaming companies that aren’t web3 native also continue to dip their toes in the crypto waters. Japanese game publisher Square Enix launches the company’s first NFT game, his Symbiogenesis, on the Polygon network. The story-driven game features 10,000 of his NFT characters and turn-based play on a floating continent threatened by dragons. A player doesn’t have to hold his NFT to access the game, but it adds an “added value” where character NFT owners can create replica NFTs to share story information with other players.
This move by Square Enix is a clear signal that blockchain games are becoming more mainstream and that traditional game companies are taking notice.[] The outlook is good and we look forward to continued growth and innovation in the blockchain gaming industry. So let the game begin.
The report concludes that while the web3 games industry faced challenges in 2022, performance in January 2023 shows signs of recovery. Experienced studios are funded to create quality web3 games. This indicates that venture capital investors are focusing on longer time horizons.
Additionally, the industry is moving towards a build mode, prioritizing quality over quantity. Ultimately, the outlook is good and the web3 games industry is expected to grow and innovate.
