Venture financing for the blockchain sphere is still on a robust track in Q3 this year regardless of bearish conditions in the markets – a sign that venture capital entities cared more on the long-term value proposition of the industry.

Specifically, blockchain games and metaverse initiatives secured a cumulative $1.3 billion in venture capital between July and September, per insights from DappRadar’s most recent BGA Games Report. 

While this figure experienced a 48% fall compared to Q2, it went through a near two-fold increase in terms of the overall amount raised last year.

DappRadar additionally claimed that initiatives centric around Web3 metaverse infrastructure took up more than 36% of the quarterly investments.

When placing blockchain gaming under a more specific scope, the report revealed that underlying sector activity was still developing regardless of bearish movements in the market. 

The number of unique active wallets taking part in blockchain games rose by 8% month-over-month in September to 912,000. DappRadar said that Web3 games “continue to be a driving force for the dapp industry,” accounting for almost fifty percent of all blockchain activity throughout 50 networks tracked by the company.

Insights from DappRadar reportedly displayed that seven out of the top 10 blockchain games finalizing registration showed an increase in unique wallet addresses during September. 

The firm also stated that the majority of the top games are mobile-first, a key feature in the push for wider mainstream adoption.

Nonetheless, it may still be a way to go until the day blockchain and Web3 games is at the pivotal point of casual gamers interest, per insights from a recent survey by blockchain entertainment provider Coda Labs. 

The survey discovered that a mere 12% of non-crypto gamers have experienced Web3 games and just 15% were interested in doing so in the future.