Over 25% of on-chain activity in Q3 driven by blockchain gaming, data shows

Blockchain gaming dominated the web3 landscape in the third quarter, capturing more than 26% of on-chain activity, according to DappRadar’s latest report.

According to data from DappRadar, Web3 games accounted for more than 26% of on-chain activity in Q3, thanks to 4.4 million daily active wallets, representing a 21% increase in daily unique active wallets compared to the previous quarter.

investments in web3 game projects | Source: DappRadar

Leading the charge, the Ronin Network maintained its dominance, attracting over 1 million daily wallets, a 34% growth from the second quarter, while Oasys and opBNB also made gains; Oasys soared 4,711%, while opBNB positioned themselves at the top with 480%. gaming blockchains realize.

Despite high on-chain activity, data reveals that investment in blockchain gaming fell by a staggering 90% from the previous quarter to $110 million, with 79% of this capital being poured into infrastructure projects.

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Crypto and Blockchain Venture Capital – Q3 2024

In the third quarter of 2024, venture capitalists invested $2.4 billion (-20% quarter-over-quarter) in crypto and blockchain-focused startups across 478 deals (-17% quarter-over-quarter). pic.twitter.com/Nv0Hwae1Fn

— Gabe and Parker (@hiroto_btc) October 15, 2024

Latest data from blockchain investment firm Galaxy Digital shows that total venture capital funding in the crypto sector fell 20% in the third quarter, reaching a total of $2.4 billion across 478 deals.

In terms of deal count, Web3/NFT/DAO/Metaverse/Gaming led the way with 25% deals (120), up 30% quarter-on-quarter, driven by 48 gaming deals. pic.twitter.com/eg0MFQwJbt

— Gabe and Parker (@hiroto_btc) October 15, 2024

Gabe Parker, research analyst at Galaxy Digital, noted that crypto startups focused on artificial intelligence services saw a fivefold increase in funding on a quarterly basis, while startups focused on non-fungible tokens, metadata and gaming experienced a 39% decline. It is described by Parker as “the largest quarterly decline in venture capital investment across all categories.”

DappRadar’s blockchain analyst Sara Gherghelas noted that although investments in the web3 gaming space fell sharply compared to the previous quarter, the industry is still “laying the critical infrastructure for future growth.” Gherghelas also said that the metadatabase was experiencing a combination of declining trading volume and increasing sales, indicating “continued demand despite fluctuating prices.”