Players’ ability to store objects on the blockchain was significantly driving the acceptance and application of Web3 gaming. Unsurprisingly, it has become one of the fastest-growing industry verticals in the blockchain sector.from analytics firm DappRadar, blockchain gaming continued to dominate the decentralized app landscape in Q3. The industry had an average of more than 786,000 unique active wallets , representing a significant jump of 12% from the previous quarter.
However, despite being the leader of the pack, the sector’s market share fell for the fourth consecutive quarter. In Q3, Web3 gaming accounted for 35% of the dApp pie, a drastic fall from 51% in Q3 2022.DappRadar attributed the drop to increased interest in other sectors like decentralized finance , and non-fungible tokens , ruling out fundamental issues with blockchain gaming.in terms of user activity. Alien Worlds, especially, recorded a quarterly average of 527,000 UAWs.
For the uninitiated, move-to-earn is a new phenomenon in Web3 gaming that rewards users for participating in fitness and sports-related activities.Web3 gaming projects attracted $600 million in investment in Q3 2023, marking a considerable drop of 38% from the previous quarter. The total investments in 2023 thus far reached $2.3 billion, constituting just 30% of last year’s tally.
However, it was interesting to discover that a sizable allocation of blockchain gaming investments – more than 43% – were directed toward investment firms. The report cited this as a sign of their “readiness to back forthcoming Web3 gaming sensations.”Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains.