DappRadar: $739M invested in blockchain games in Q1 2023
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Web3 gaming projects attracted $739 million in investment according to a new report from DappRadar and the Blockchain Games Alliance. Just shy of 60% of these funds — $434 million — were raised in March 2023.
$214 million — nearly half of March’s funding — was invested in game and metaverse companies. A further $159 million went to infrastructure companies. By comparison, the $10 million invested into NFT companies is a small slice of the total funds.
The report also analyzes the trends in the number of wallets and on-chain transactions over the last quarter. This report updates the Q1 2023 report with additional data from March. It is important to note that unique active wallets does not necessarily translate directly to unique users as consumers can own multiple wallets. However, it is a strong metric for a game’s activity.
In March 2023, daily unique active wallets (dUAW) that connected to blockchain gaming dapps averaged just over 740,000. This represents a 3% decrease from the previous month.
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Despite this decrease, blockchain games accounted for 44% of activity in March and 45% in Q1 2023. This is up from Q4 2022, where blockchain games accounted for 42% of dUAW activity. This suggests that blockchain games are sticker than other types of dapps.
Wax remains the most active blockchain gaming protocol, averaging about 314,000 dUAW in March — reaching about 42% of dUAW. However, this is a decrease of 8% from 342,000 dUAW in
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