Blockchain Gaming Dominates Web3 Activity in Q3

Blockchain gaming took the lead in the web3 landscape during Q3, capturing over 26% of on-chain activity, as detailed in DappRadar’s latest report. This sector was driven by 4.4 million daily active wallets, marking a 21% increase from the previous quarter.

Key Players and Growth

The Ronin Network led the charge, attracting over 1 million daily wallets, reflecting a 34% growth from Q2. Other notable performers included Oasys and opBNB, with Oasys experiencing a staggering 4,711% increase and opBNB growing by 480%, solidifying their positions as top gaming blockchains.

Investment Trends in Web3 Gaming

Despite the high on-chain activity, investment in blockchain gaming projects saw a significant 90% decline from the previous quarter, dropping to $110 million. Notably, 79% of this capital was directed towards infrastructure projects.

Recent data from Galaxy Digital showed that total venture capital funding in the crypto sector fell by 20% in Q3, totaling $2.4 billion across 478 deals. Web3, NFT, DAO, Metaverse, and Gaming sectors led the way with 25% of the deals, driven by 48 gaming-related investments.

Crypto startups focused on artificial intelligence services saw a fivefold increase in funding quarter-over-quarter, while those centered on non-fungible tokens, the metaverse, and gaming experienced a 39% decline, described by Parker as the “largest QoQ decrease in VC investment across all categories.”

Future Prospects

According to Sara Gherghelas, a blockchain analyst at DappRadar, even though investments into the web3 gaming space dropped sharply, the industry is still “laying critical infrastructure for future growth.”

The metaverse sector showed a unique trend of declining trading volume but rising sales, indicating “sustained demand despite fluctuating prices,” according to Gherghelas.

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