Web3 Games Raise $600M in Q3, Totaling $2.3B in 2023

Blockchain gaming attracts $600 million in Q3 2023, despite market fluctuations. Casual gaming studios are on the rise, hinting at the future of Web3 gaming.

Photo for the Article - Web3 Games Raise $600M in Q3, Totaling $2.3B in 2023
  • Despite market fluctuations, the blockchain gaming sector attracted around $600 million in venture capital investment in Q3 2023, according to a report by DappRadar.
  • Crypto gaming investment in Q3 2023 was 38% lower than in Q2 2023, totaling around $2.3 billion for the year, but still only 30% of the 2022 investment.
  • The report also highlighted the rise of casual gaming studios in the Web3 gaming sector and suggested that casual gaming studios may dominate the next wave in web3 gaming.

According to a report by crypto data firm DappRadar, the blockchain gaming sector has continued to attract significant venture capital investment, receiving around $600 million in Q3 2023, despite the ongoing bear market.

Q3 Report

The report revealed that blockchain gaming remained a major player in the dapp ecosystem, despite some fluctuations in Q3 2023.

In addition, DappRadar’s report highlighted A16z’s ambitious Speedrun accelerator as a key development this quarter. The strategy is to invest up to $75 million in the next cohort of pre-seed startups that seamlessly blend gaming with the latest technology.

Decrypt noted that crypto gaming investment in Q3 2023 was 38% lower than the $973 million invested in Q2 2023, bringing the total investment for the year to roughly $2.3 billion. The article also noted that while 2023 is not over yet, this year’s investment is only 30% of the amount invested in crypto gaming in 2022.

Furthermore, in contrast to the initial two quarters of the year, the investments in the third quarter exhibit a significant decrease, with a shortfall of $139 million when compared to the first quarter and a substantial gap of $373 million compared to the second quarter.

Web3 Game Investments

Consequently, for the Q3 investment data, DappRadar’s report shows that there is a significant allocation of funds 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,” the report noted. 

Photo for the Article - Web3 Games Raise $600M in Q3, Totaling $2.3B in 2023

Top Web3 Games for Q3 2023

According to DappRadar, Alien Worlds and Splinterlands have consistently held top positions in its rankings of the top performing games for the third quarter of 2023. Additionally, the “move-to-earn” paradigm is making notable strides, with Sweat Economy and SuperWalk now joining the list based on unique active wallets.

Photo for the Article - Web3 Games Raise $600M in Q3, Totaling $2.3B in 2023

The report further highlighted that Axie Infinity retained its top spot in terms of transaction volumes. DappRadar also noted Gods Unchained, as its recent new season release resulted in a significant increase in trading volume.

Photo for the Article - Web3 Games Raise $600M in Q3, Totaling $2.3B in 2023

The report also highlighted Treasure DAO, a casual gaming studio, as it is gaining momentum in the Web3 gaming sector. It also named casual gaming studios such as PipeFlare and IndiGG, as DappRadar’s game rankings reveal that casual games are on the rise, with four of the top ten dapps in game rankings belonging to this category.

“Consequently, it’s tempting to forecast that the next wave in Web3 gaming might very well be dominated by casual gaming studios. The upcoming quarter will undoubtedly shed more light on this,” the report reads.

Recent Web3 Gaming News in PH

Last month, Taiwanese gaming company Mooneen introduced the blockchain-based play-to-earn (P2E) game “Rise of Elves” in the Philippines. The game is built on the Polygon blockchain, allowing players to collect and trade unique elves as non-fungible tokens (NFTs).

In the same month, Bicol-based Game Studio MetaGaming Guild (MMG) officially launched its NFT game, MetaSaga Warriors, on September 29, 2023. This game is a roguelike NFT dungeon crawler, and it stands out by offering free-to-mint NFTs for players to use within the game. 

In August, Metasports and Nouns Esports partnered to enhance gaming experiences, promote web3 technology, and empower players in Southeast Asia. They aim to onboard non-web3 users onto the blockchain, guide web2 gamers in adopting web3 technology, and reward participants with non-transferable Proof of Attendance Protocol (POAP) soulbound tokens (SBTs) for their tournament involvement. 

Last June, Filipino-led social gaming platform Playdex teamed up with the web3 game Farcana for an official playtest held in the Philippines from June 22 to 25, 2023. 

This article is published on BitPinas: Web3 Gaming Projects Raise $600M in Q3, Totaling $2.3B in 2023


  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

Similar Posts

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.