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Web3 gaming projects attracted $739 million in investment according to a new report from DappRadar and the Blockchain Games Alliance. Just shy of 60% of these funds — $434 million — were raised in March 2023.

$214 million — nearly half of March’s funding — was invested in game and metaverse companies. A further $159 million went to infrastructure companies. By comparison, the $10 million invested into NFT companies is a small slice of the total funds.

Unique active wallets overall plus blockchain games

The report also analyzes the trends in the number of wallets and on-chain transactions over the last quarter. This report updates the Q1 2023 report with additional data from March. It is important to note that unique active wallets does not necessarily translate directly to unique users as consumers can own multiple wallets. However, it is a strong metric for a game’s activity.

In March 2023, daily unique active wallets (dUAW) that connected to blockchain gaming dapps averaged just over 740,000. This represents a 3% decrease from the previous month.


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Importance of games to blockchain activity

Despite this decrease, blockchain games accounted for 44% of activity in March and 45% in Q1 2023. This is up from Q4 2022, where blockchain games accounted for 42% of dUAW activity. This suggests that blockchain games are sticker than other types of dapps.

Top blockchain gaming protocols

Top gaming blockchain protocols March 2023

Wax remains the most active blockchain gaming protocol, averaging about 314,000 dUAW in March — reaching about 42% of dUAW. However, this is a decrease of 8% from 342,000 dUAW in February.

In contrast, Polygon overtook Hive for the second most active protocol. In March, Polygon averaged 138,000 dAUW — up 53% from February. DappRadar attributes this increase to the success of Hunters On-Chain by BoomLand and Planet IX. The latter accounted for 43% of Polygon’s activity.

Hive is on a downward trend, reaching 27% fewer dUAW on average than February. 99% of the protocol’s activity is driven by Splinterlands, showing how critical the game’s success is to Hive.

Top blockchain games of the month

Top 10 blockchain games March 2023

Alien Worlds continues to hold the top spot as the blockchain game with the highest number of unique active wallets — reaching 580,000 in March 2023. The title was also the most played blockchain game of Q1 2023.

Hunters On-Chain, Planet IX and Yuliverse surged in dUAW last month. Hunters On-Chain debuted in March while Planet IX and Yuliverse grew 708% and 2,656% respectively. Plant IX announced a deal with GAMEE, a subsidiary of Animoca Brands, to sponsor tournaments. Meanwhile, Yuliverse announced exclusive benefits for OG NFT holders which likely sparked transactions.

The report details a surge in activity for virtual worlds. Trading activity in virtual worlds closed the quarter at $350 million — the best quarter since Q2 2022. DappRadar recorded over 67,000 virtual land transactions in March, nearly half of the quarter’s total of over 143,000.

Additionally, the report covers Yuga Labs growing list of partnerships and Animoca Brands’ Mocaverse. The full report is available today.

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