Monday 26 September 2022
Home / none / GameFi fundraising jumps 135% in August, but is still down from June: Report

GameFi fundraising jumps 135% in August, but is still down from June: Report

The GameFi sector remains a leading force in the blockchain and crypto space despite the ongoing downturn in the crypto market. Recent numbers from DappRadar revealed that Web3 games and Metaverse projects raised $748 million in funds last month. This was up 135% from July but is still a decline of 16% compared with June.

Blockchain gaming collected $3.1 billion in investment last quarter; so far in 2022, it has added $6.9 billion in funds. This year's forecast seems to indicate that investments could reach $10.2 billion — an increase of 20% over the $4 billion of 2021. The figures suggest that investors remain bullish 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.

More than 50% of the industry's usage is still in blockchain games, despite an 11% decline from last month, to an average of 847,000 daily Unique Active Wallets (UAW).

On the nonfungible token, or NFT, side, the total trading volume related to games increased by 13.25% in August, and sales jumped by 83.36% to over 1.3 million nonfungible tokens traded. A recent ChainPlay Survey found that 75% of GameFi investors joined the crypto space solely for games projects, and 81% are prioritizing positive in-game experiences above profit-making.

Metaverse projects' sales rose 38.62% month-to-month to 19,354, while trading fell 28.90% to $22 million. Among the protocols, Ethereum's trading volume fell 14.40% in August, bringing it to $11 million. Meanwhile, Solana's increased 171% to $1.7 million, and Ronin's increased 27.64% to $8.2 million in total trading volume.

Original Article

About Jude Savage

Check Also

Reversible transactions could mitigate crypto theft — Researchers

Stanford University researchers have come up with a prototype for “reversible transactions” on Ethereum, arguing it could be a solution to reduce the impact of crypto theft. In a Sept. 25 tweet, Stanford University blockchain researcher Kaili Wang shared a run down of the Ethereum-based reversible token idea, noting that at this stage it is not a finished concept but more of a “proposal to provoke discussion and even better solutions from the blockchain community,” noting: “The major hacks we've seen are undeniably thefts with strong evidence. If there was a way to reverse those thefts under such circumstances, our ecosystem would be much safer. Our proposal allows reversals only if approved by a decentralized quorum of judges.”The proposal was put together by blockchain researchers from Stanford, including Wang, Dan Boneh, Qinchen Wang, and it outlines “opt-in token standards that are siblings to ERC-20 and ERC-721” dubbed ERC-20R and ERC-721R. However, Wang clarified that th..

Leave a Reply

Your email address will not be published. Required fields are marked *