August 14, 2023

$297 Mln Invested in Crypto Gaming Industry in July

Crypto Gaming

Crypto Gaming

A recent report by DappRadar and the Blockchain Game Alliance revealed that the crypto gaming industry is on the rise as games that use blockchain-based tokens or NFTs have seen a surge in investment, with a total of $297 million invested last month.

According to the report, there has been a notable rise in the amount of money collected in the past month compared to previous periods. Statistics indicated that a considerable 63% of the funding directed towards the sector in the past month has been allocated for infrastructure development.

The increasing investments indicate investors are interested in tools and platforms that will make it easier for crypto and NFT-focused games to thrive.

In July, there was an increase in investments in the crypto gaming industry compared to June, where only $68 million was invested. One factor affecting the industry is regulatory uncertainties.

The report mentioned the lawsuits filed by the US Securities and Exchange Commission (SEC) against two major crypto companies, Binance and Coinbase, in early June as examples.

It’s worth noting that the crypto gaming industry has been receiving significant investments lately. In fact, the sector received over $400 million in funding for the past three months, from March to May 2023. However, it’s important to remember that these numbers may be inaccurate since some deals may not be publicly disclosed or could face delays.

The report revealed that while some companies focused on the metaverse can still secure funding, the overall metaverse market experienced a decline in NFT prices and trading volume. In July, virtual world games reached a yearly low with only $5.6 million traded across 10,796 sales. Additionally, the average sale price per NFT was $523.

It is worth noting that the NFT market had a rough month in July as the trading volume for NFTs decreased by 29% to $632 million in July.

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