Saturday, July 12, 2025
spot_img

Crypto gaming industry secures $600 million in Q3 funding

Date:

Share post:

spot_imgspot_img

Shillong, October 16: A recent report reveals that the crypto gaming industry managed to secure approximately $600 million in funding during the third quarter (Q3) of this year, despite facing challenges in the broader crypto and gaming markets.

As per IANS, this substantial funding, however, marks a 38% decrease from the $973 million invested in crypto gaming during the second quarter (Q2) of 2023, as reported by crypto data firm DappRadar.

The overall investment in crypto games for the entire year is estimated to be around $2.3 billion. The report notes, “This quarter witnessed Web3 gaming projects amassing a notable $600 million, propelling the year’s tally to $2.3 billion. While this constitutes just 30% of the funds pooled last year, it’s essential to keep in perspective the distinct market dynamics of 2023.”

The year 2023 has posed challenges for both traditional and crypto-focused game studios, with significant job losses in the gaming industry, amounting to around 6,100 lost jobs last year. Established companies like Epic Games, Telltale Games, and Team17 have been forced to lay off employees in recent months.

Even gaming-focused crypto companies, such as Star Atlas studio ATMTA and Otherside developer Yuga Labs, have had to undergo staff reductions this year. Despite these challenges, the report suggests that Q3 provides a nuanced view into the multifaceted world of blockchain gaming, highlighting that “stakeholders see substantial potential in the space” with investments reaching $600 million in the quarter and $2.3 billion cumulatively for the year.

spot_imgspot_img

Related articles

DRDO and IAF successfully test Astra BVRAAM with indigenous radio frequency seeker from Su-30 Mk-I

New Delhi, July 11: In a significant boost to India's self-reliance in defence technology, the Defence Research and...

Mayank Yadav’s rehab likely to start in coming weeks after undergoing surgery in Christchurch

New Delhi, July 11: Tearaway fast bowler Mayank Yadav is likely to begin his long rehab in the...

Pakistan: 98 killed, 185 injured as monsoon rains wreak havoc

Islamabad, July 11: Torrential monsoon rains and flash floods have claimed at least 98 lives and left 185...

India’s purchase of Russian oil helped bring down global prices: Hardeep Puri

New Delhi, July 11: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India’s...