Research Summary
The report provides an overview of the current state of the web3 gaming market. The report indicates a slow downward trend in many areas of web3 gaming, with a degree of resilience persisting within the sector. Unique Active Wallets (UAWs) largely remained stable in June compared to May, with casual games driving more significant increases. However, there doesn’t seem to be any indication that web3 is attracting new players. The report also highlights the ongoing decline in web3 gaming-related funding, with June witnessing a 41% drop compared to May. Despite this, some web3 game studios and game-related projects still managed to secure investments.
Actionable Insights
- Web3 gaming trends: The report suggests that high-quality web3 games releasing this year could attract a robust core of web3 players. However, there’s no indication that web3 is attracting new players in the interim.
- Funding trends: Despite the overall decline in web3 gaming-related funding, some web3 game studios and game-related projects still managed to secure investments. For instance, Mythical Games raised a reported $37 million, and game developer Pixion secured $5.5 million to expedite the development of its Fableborne web3 RPG.
- Future outlook: The report suggests that while the current trend is unlikely to shift positively anytime soon, there’s still potential for growth in 2023, particularly with developments in mobile web3 games, the Epic Games Store, and in Asia.
