The GameFi sector is expected to be a driving force in the blockchain and cryptocurrency space despite the reported decline in the cryptocurrency market, as reported by Cointelegraph. Recent data from DappRadar, a non-fungible token (NFT) marketplace, suggests that Web3.0 games and metaverse projects raised $748 million in funds last month, which was up 135% from July but still went through a 16% decline in comparison to June.
According to Cointelegraph, blockchain-based gaming collected $3.1 billion in investments last quarter, as of yet in 2022. The sector has added $6.9 billion in funds with predictions indicating that investments could reach $10.2 billion, an increase of 20% over the four billion dollars in 2021. Insights anticipate investors to have bullish sentiments on GameFi, despite uncertain market conditions.
“Looking at the whole picture, we observed that 38% of the investments goes to infrastructure, 33% to games and metaverse projects, and 27% to investment firms,” the report stated.
On the basis of information by Cointelegraph, above 50% of the industry’s usage lies still in blockchain-based games, despite a fall of 11% from last month, to an average of 847,000 daily unique active wallets (UAWs). From the NFT perspective, the total trading volume related to games saw a 13.25% increase in August, and sales went up by 83.36% to over 1.3 million traded NFTs. Recently, a ChainPlay survey stated that 75% of GameFi investors entered the cryptocurrency sector solely for game-based projects, and 81% have shown priority towards positive in-game experiences beyond profit-making.
Moreover, Cointelegraph noted that metaverse projects’ sales rose 38.62% month-to-month to 19,354, while trading declined 28.90% to $22 million. Among the protocols, Ethereum’s trading volume went down 14.40% in August, which brought it to $11 million. However, Solana went up by 171% to $1.7 million, and Ronin increased 27.64% to $8.2 million in terms of total trading volume.
(With insights from Cointelegraph)
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