According to Cointelegraph, blockchain gaming projects have attracted $2.3 billion in investments in 2023, with the third quarter receiving $600 million despite the bearish mood in the crypto market. A report from decentralized applications (DApp) tracking platform DappRadar reveals that the first quarter of 2023 saw $739 million in investments, while the second and third quarters received $973 million and $600 million, respectively.

In the third quarter of 2023, $213 million was invested in the development of metaverse-related games and technology, despite some declaring the metaverse dead. The remaining investments in the quarter were directed towards Web3 gaming infrastructure and investment firms, according to DappRadar.

However, the amount invested in Web3 gaming this year is significantly lower than in 2022, with DappRadar analysts noting that it is only 30% of last year's fundraising activity. The third quarter of 2022 attracted $1.2 billion in investments in blockchain gaming, while the third quarter of 2023 recorded about 50% less, indicating a substantial decline in investment in the sector.