Report shows that GameFi fundraising jumped 135 percent in August from July
Despite the crypto winter and economic crisis, investors remain bullish on the blockchain gaming industry
By Shashank Bhardwaj
A recent report shows that despite the ongoing crisis in the crypto market, the GameFi sector remains a dominant force in the blockchain and crypto space. Gaming-related companies, such as Australia-based Immutable, believe gaming will be the leading area for blockchain-based Web3 services. They cited venture capitalists' enthusiasm and the money pouring into the sector as evidence.
So far this year, blockchain-based gaming has received $3.1 billion in investments. The sector has added $6.9 billion in funds. Further, it is predicted that there will be investments worth $10.2 billion this year. It will be a 20 percent increase over the four billion dollars in 2021. Earlier in August, 847,000 daily Unique Active Wallets (UAW) interacted with blockchain games. This was an 11 percent decrease from the previous month. However, it made up more than 50 percent of the industry's usage.
It is evident that GameFi networks have thrived despite the downturn in the crypto market. The industry is expected to be valued at $74.2 billion by 2031. Following the trend seen throughout the year, partnerships and investments in blockchain gaming continued, with another $748 million raised in August this year. This was a 135 percent increase from July. However, it was still a 16 percent decrease from June. The aforementioned report stated,
"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."
Gabriel Leydon, the founder and former CEO of Machine Zone, raised $200 million, or 27 percent of the total investments. The funds were raised for a new blockchain start-up called Limit Break. Machine Zone is the mobile gaming studio behind Game of War and Mobile Strike. After the successful launch of its DigiDaigaku free-mint NFT collection, Limit Break gained popularity.
Despite the economic crisis, the Ukraine conflict, rising inflation, the crypto winter, and a new gaming slump, the increasing amount of investments in the GameFi sector indicates that major investment entities remain optimistic about the GameFi industry. Web3 teams with a compelling proposal may still receive a large funding round. Investors poured $3.1 billion into the blockchain gaming industry in the previous quarter. The total amount of investment expected in this growing industry this year has been increased by 20 percent to $10.2 billion.
It is worth noting here that sales for metaverse projects increased 38.62 percent month over month to 19,354. Meanwhile, trading decreased 28.90 percent to $22 million. Among the protocols, Ethereum's trading volume fell 14.40 percent in August. It reached $11 million. In terms of total trading volume, Ronin increased by 27.64 percent to $8.2 million. Further, Solana's total trading volume increased by 171 percent to $1.7 million.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..