$600 million flowed into Web3 gaming in Q3- Report

Web3 gaming projects in the third quarter of 2023 saw the injection of investment funds totaling $600,000,000 according to a new Q3 report.

According to a DappRadar, in web3 gaming, the substantial injection of capital has propelled the total investments for 2023 to $2.3 billion.

The $600 million inflow in Q3 constitutes just 30% of the funds accumulated in 2022;  however, this is contextualized within the unique market dynamics of 2023.

One of the most noteworthy highlights of Q3 was A16z’s Speedrun accelerator. Under this initiative, A16z has set aside $75 million with plans to allocate the sum to the next cohort of pre-seed startups. These startups are expected to seamlessly blend gaming with emerging technology.

DappRadar stated that it observed an intriguing funding trend in 2023, which points to the allocation towards investment firms. “This underscores the confidence and commitment VCs hold for the future of this domain, signaling their readiness to back the forthcoming Web3 gaming sensations,” DappRadar said.

Furthermore, virtual worlds Dapps in Q3 had a trading volume of $13 million and 28,000 land sales. It’s important to recognize that Q3 marked a distinctive low in trading activity and sales figures for virtual worlds. However, the enthusiasm for the metaverse and virtual world apps remains unwavering, DappRadar said.

Notably, Animoca Brands secured $20 million in funding to propel its Mocaverse initiative and enhance its ecosystem. The support gained by this well-known brand represents the unwavering enthusiasm of the players in the industry.

While 2023 is yet to wrap up, the web3 gaming industry is looking forward to a turn in the dips and an increase in the highs.

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