The crypto markets might be on a downturn, but the same can’t be said for blockchain-based gaming. The total number of daily unique active wallets on decentralized video game apps and those game transactions have been at all-time highs since April, according to DappRadar. Venture capitalists haven’t been standing idly by either, furiously investing in these companies to get in on the action.
In this year’s first quarter alone, DappRadar and the Blockchain Game Alliance reported $2.5 billion in investments. Animoca Brands recently invested $450 million in Bored Ape Yacht Club’s Otherside metaverse game. Also, the group’s Otherdeed NFT land sale set the record for the largest NFT mint ever conducted.
Meanwhile, VC firm Andreessen Horowitz launched a $600 million Games Fund One, with the purpose of investing in game studios and transforming the Web3 gaming ecosystem. They also raised the largest-ever crypto venture fund at $4.5 billion, bringing their total crypto and Web3 holdings to a whopping $7.6 billion.
While it might be a tough time for the crypto markets, blockchain-based gaming is at an all-time high in terms of popularity and users and shows no signs of slowing down. With the traditional gaming industry worth approximately $300 billion at its current rate, the crypto gaming space could eventually bring the metaverse market to $8 trillion, according to Morgan Stanley.
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