While crises continue to occur in the cryptocurrency markets, serious steps are being taken in the Web3 sector. Especially as the big players in the Web2 sector follow the dynamics of Web3, this situation continues to gain momentum. Accordingly, blockchain gaming projects received $2.3 billion in investments in 2023. In the third quarter of 2023, this figure reached $600 million.
Decentralized applications (DApps) and the new report from the blockchain data analysis platform DappRadar caught the attention of Web3 users. According to the report, $739 million was invested in blockchain gaming projects in the first quarter of 2023. This figure reached $973 million in the second quarter and $600 million in the third quarter. These data show that a total of $2.3 billion was invested in the blockchain gaming sector in 2023.
In 2021, we all remember the frenzy of the metaverse after the move by Meta. Although many metaverse projects lost ground after the market process, $213 million was invested in the development of games and technologies related to the metaverse in the third quarter of 2023.
According to DappRadar data, the remaining $387 million investment went to investment firms focusing on the Web3 gaming infrastructure and the gaming sector. Although these investments in this field enable us to focus on the great potential in the blockchain gaming industry, the amount invested in Web3 games this year is much lower compared to 2022.
According to DappRadar analysts, the total investments in 2023 are only 30% of the investments made in 2022. According to the details provided in the report, investments in the Web3 gaming sector have experienced a significant decline in the past year. Due to the events that have taken place in the past year, interest in blockchain ecosystems has gradually decreased. The attacks on DeFi protocols and the losses experienced by many users are also a concern for investors.
While $1.2 billion was invested in blockchain gaming projects in the third quarter of 2022, there was a significant decline in the third quarter of 2023, with approximately 50% less investment. Fear and concern dominate many sectors after the crises in the market.