- A report by DappRadar has disclosed that investors have drilled more than $1 billion in Web 3.0 games and metaverse projects in Q3 this year
- The huge investment came despite plummeting cryptocurrency prices
- The amount was double what was raised in the whole of last year
A report by DappRadar has revealed that venture capital firms poured more than one billion dollars into metaverse projects and Web 3.0 games in Q3 despite the onset of the crypto winter. Although the amount was less compared to Q2, it registered a significant improvement compared to 2021. Metaverse-focused projects accounted for around 36% of the funds while the rest went to the Web 3.0 world.
Q3 Investments are Double 2021 Amount
In its BGA Games Report, DappRadar disclosed that metaverse and Web 3.0 gaming projects secured a total of $1.3 billion in funding in the three months ending September 2022. In September alone, investors poured $156 million into these projects. The total Q3 amount was close to 50% less compared to the second quarter but almost twice what similar projects received in the whole of 2021.
Metaverse projects accounted for 36%of the $1.3 billion total, with the rest going into facilitating the development of Web 3.0-focused projects. The report also captured that the projected amount likely to flow into these projects has decreased by close to 9% to slightly above $9 billion when pitted against Q2 forecasts.
Web 3.0 Games are the Influencing Factor
Apart from investments, blockchain games also registered a significant uptick in activities with the number of unique wallets rising by eight percent. According to DappRadar, Web 3.0 games “continue” to be an influencing factor in the decentralized app space.
Given that we are currently in a bearish crypto market, the amount raised indicates that investors are confident in the future of the metaverse and Web 3.0 once the market turns round.
