Cryptocurrency 6 hours in the past (Jan 16, 2023 04:20PM ET)
2022 was an enormous yr for the play-to-earn (P2E) gaming scene. An inflow of capital and customers was adopted by a pointy downturn in blockchain sport token costs and a lower in gamers — and the market remains to be reeling. And, with fallout from the FTX catastrophe reaching into each nook of the trade, play-to-earn’s prospects appear bleak on the floor. However peeking below the hood, the numbers inform a distinct story: Robust funding this yr has set the stage for critical “buidling” in 2023.
A constant circulation of sturdy raises for Web3 gaming studios has been silently infusing the market with funding for months. In August, UnCaged studios raised $24 million, contributing to just about $750 million raised by Web3 gaming studios in that month alone. The momentum continued via September when Revolving Video games raised $25 million, and October, when Odyssey Interactive, Stardust and SkyWeaver pulled in $19 million, $30 million and $40 million, respectively. Thirdverse raised $15 million for Web3 and digital actuality (VR) video games in November;
How blockchain gaming investments have been allotted in 2022. Supply: DappRadar
Corey Wilton is the co-founder and CEO of Mirai Labs, the worldwide gaming studio behind Pegaxy. A famend speaker and play-to-earn thought chief, he started his first firm inside crypto in 2018, a buyer help service designed to help cryptocurrency corporations with their customer support.
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