DappRadar

Equity

Giant

Coin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126490/333982/adobestock-julmay.jpeg" alt="" srcset="https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_2688_1792.jpeg 2688w, https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_900_600.jpeg 900w, https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_720_480.jpeg 720w, https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_600_400.jpeg 600w, https://cimg.co/news/126490/333982/responsive-images/adobestock-julmay___media_library_original_300_200.jpeg 300w" sizes="100vw" width="2688" class="content-img"><figcaption>Source: AdobeStock / JulMay</figcaption></figure>The recent Q3 2023 fundraising figure for Web3 <a href="https://cryptonews.com/news/animoca-brands-secures-20m-funding-drive-ambitious-mocaverse-metaverse-project-nfts-making-comeback.htm">gaming</a> is certainly lower than the one seen in the previous quarter, but the overall situation is not that bad - investor attention is still there.&nbsp;Crypto data firm DappRadar <a href="https://dappradar.com/blog/state-of-blockchain-gaming-in-q3-2023#Chapter-4">found</a> that this year's third quarter "may have seemed tranquil on the surface, [but] the undercurrents in the blockchain industry were palpably active."&nbsp;The report stated that,<blockquote>"A notable trend was the fervent movement of Web2 giants making assertive strides into the Web3 realm."</blockquote>Web3 gaming projects secured $600 million in Q3 2023, thus taking the total investments for 2023 to $2.3 billion, DappRadar found.<figure class="image"><a href="https://dappradar.com/blog/state-of-blockchain-gaming-in-q3-2023#Chapter-4"><img src="https://cimg.co/news/126490/333983/dappradar.jpg" alt="" srcset="https://cimg.co/news/126490/333983/responsive-images/dappradar___media_library_original_804_503.jpg 804w, https://cimg.co/news/126490/333983/responsive-images/dappradar___media_library_original_720_450.jpg 720w, https://cimg.co/news/126490/333983/responsive-images/dappradar___media_library_original_600_375.jpg 600w, https://cimg.co/news/126490/333983/responsive-images/dappradar___media_library_original_300_188.jpg 300w" sizes="100vw" width="804" class="content-img"></a><figcaption>Source: dappradar.com</figcaption></figure>The fact is, however, that this number constitutes 30% of the funds seen in 2022. That said, DappRadar argues that one must keep in mind the distinct market dynamics rising this year.It stated that,<blockquote>"It's evident that stakeholders see substantial potential in the space. However, the fact that this only represents 30% of last year&rsquo;s fundraising activity underscores the importance of considering external market conditions."</blockquote>Major tech-focused VC firm <a href="https://cryptonews.com/news/a16z-crypto-leads-36-million-seed-round-for-decentralized-information-exchange-protocol-freatic-what-does-it-do-1.htm">A16z</a> and its Speedrun accelerator have been mentioned as Q3's highlight, aiming to invest up to $75 million into pre-seed startups that blend gaming and the latest tech.DappRadar further noted that this year's funding trend shows a "significant allocation" towards investment firms, which received $125 million, or 20.8%. Game/metaverse got $213 million (35.5%), and infrastructure $262 million (43.6%).The report argued that,<blockquote>"This underscores the confidence and commitment VCs hold for the future of this domain, signaling their readiness to back the forthcoming Web3 gaming sensations."</blockquote>The blockchain gaming sector kept its position at the top in the decentralized application (<a href="https://cryptonews.com/tags/dapp/">dapp</a>) hierarchy in Q3, despite dips in momentum, the report said.&nbsp;<h2 id="not-great-but-not-bad">Not Great, But Not Bad</h2>But what does the $600 million number mean? Is it high? Is it low? This is what the October 16 edition of the TechCrunch Equity Monday podcast <a href="https://techcrunch.com/2023/10/16/investors-have-not-given-up-on-web3-gaming/">asked</a>.Generally speaking, "gaming and crypto are distinct," argued the host, Alex Wilhelm, Editor In Chief of TechCrunch+.&nbsp;Many companies have raised large sums of money over the years to bring crypto to gaming, but the majority failed to reach mass audiences - though there have been exceptions, such as <a href="https://cryptonews.com/tags/axie-infinity/">Axie Infinity</a>.But what do the numbers say?&nbsp;As the above image by DappRadar shows, the $600 million in Q3 is down from the $973 million that the Web3 projects raised in Q2 this year - but it is still close to the $654 million seen in Q4 2022."It's not great, but it's also not insanely lower than prior totals. So investors are continuing to bet on the intersection of gaming and Web3," Wilhelm commented.&nbsp;It can be concluded that Web3 gaming companies saw a decline in the third quarter, but that it's not an overall bearish situation.____<h3 id="learn-more">Learn more:</h3>- <a href="https://cryptonews.com/news/animoca-brands-secures-20m-funding-drive-ambitious-mocaverse-metaverse-project-nfts-making-comeback.htm">Animoca Brands Secures $20M Funding to Drive Ambitious Mocaverse Metaverse Project</a> - <a href="https://cryptonews.com/news/gaming-titans-faze-banks-nadeshot-among-friendtechs-top-earners.htm">Gaming Titans FaZe Banks and Nadeshot Among Friend.tech's Top Earners</a> - <a href="https://cryptonews.com/news/south-korean-gaming-giant-netmarble-affiliate-list-coin-japanese-exchange.htm">South Korean Gaming Giant Netmarble Affiliate to List Coin on Japanese Exchange</a> - <a href="https://cryptonews.com/news/nfl-and-mythical-games-unveil-nfl-rivals-the-first-web3-powered-nfl-game.htm">NFL and Mythical Games Unveil NFL Rivals: The First Web3-Powered NFL Game</a>
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Web3 Gaming Continues to Garner Investor Attention Despite Bear Market – Here's the Latest

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