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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...

Gala Games is a blockchain-based gaming platform enabling players to create, own, and trade in-game assets using cryptocurrencies. Echoing the momentum of GameFi (gaming and finance) and the great success of Axie Infinity, Gala Games was launched in 2019 to pursue technology development and innovation in play-to-earn (P2E) blockchain gaming. The global market size of blockchain gaming exceeded $4.6 billion in 2022 and is expected to reach around $65.7 billion by 2027, establishing itself as one of the most promising sectors revolutionized by blockchain technology. Gala Games offers players a plethora of blockchain games that encourage players to gain in-game rewards and earn cryptocurrency and nonfungible tokens (NFTs). For the first time, through the use of NFTs, blockchain games offer players the ability to own in-game items, such as strategic tools, physical accessories and land. All items can be acquired in Gala Games using the GALA native token (GALA). GALA is also used for gover...

The Sandbox co-founder Sebastien Borget said in an interview with Cointelegraph that artificial intelligence could reduce toxicity in the metaverse. In this week’s newsletter, learn how artificial intelligence (AI) can make the metaverse safer, according to The Sandbox’s co-founder. Check out how Axie Infinity creator Sky Mavis is building a blockchain Gaming ecosystem, and read about nonfungible token (NFT) firm Yuga Labs onboarding a new CEO. In other news, find out how OKX uses the metaverse to engage with football fans, and don’t forget this week’s Nifty News, featuring luxury brand Gucci creating a pendant for the Otherside metaverse.  AI makes the metaverse safer and more inclusive: The Sandbox co-founder Sebastien Borget, co-founder and chief operating officer of The Sandbox, expressed his excitement about AI at the WOW Summit 2023 in Hong Kong. Speaking to Cointelegraph, Borget said that rather than fearing the technology, it can be used to empower creators to “materialize id...

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...

Play-to-earn games were all the rage last year, but their economic model seems to fail. However, one Web3 game has found an innovative solution to make P2E sustainable. When Axie Infinity launched in 2018, play-to-earn gaming became a sensation. The game turned into a viable source of additional funds for numerous low-income families in the Philippines. However, as Axie Infinity grew and took over the global blockchain-gaming space, the rewards ratio quickly started dwindling. The main reason for this significant cut in returns for players hides in the design of the game itself. One of the major challenges play-to-earn projects face is creating a self-sustainable in-game economy. Currently, most P2E games start out strong and offer lucrative rewards to players. However, increased in-game token issuing, as more players join, leads to significant value reductions. This, in turn, diminishes players’ earning potential. And while the GameFi movement is still going strong, representing more...