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Analysts at DappRadar say the decline in funding is due to the distinct market dynamics of 2023. Web3 gaming projects raised $600 million in Q3 2023, which is 50% lower than in Q3 2022, according to data provided by DappRadar. Although the number of deals in the third quarter was not specified, the analysts say that web3 gaming raised $2.3 billion since the beginning of 2023. However, as noted by DappRadar, venture capitalists (VCs) such as Andreessen Horowitz (a16z) were not interested in gaming projects only as the significant allocation (nearly 44% of all funds) was towards investment firms this time. Web3 investment cashflow breakdown | Source: DappRadar Despite this investment sentiment shift, DappRadar says that investors’ strategy “underscores the confidence and commitment VCs hold for the future of this domain.” You might also like: Epic Games announces layoffs as expenses exceed revenue This shift also coincides with other sectors, such as...

Sony’s NFT framework aims to integrate NFTs into gameplay, with the technology representing skins and other popular in-game functionalities. Sony Interactive Entertainment, the video game goliath running the PlayStation brand, filed a patent for a framework allowing users to transfer and utilize nonfungible tokens (NFTs) across multiple game platforms.  Over several years, Sony’s interest in crypto has been evidenced by numerous partnerships and trademark registrations. Adding to this list, Sony filed a patent titled “ NFT framework for transfer ring and using digital assets between game platforms .” Snippet of Sony’s NFT framework patent filing. Source: patentscope.wipo.int Sony’s NFT framework aims to integrate NFTs into gameplay, wherein the technology can represent skins and other popular in-game functionalities. Summarizing the patent, the abstract explained the intended features: “Responsive to the determination, the NFT is provided to the first end-user entity so that the digi...