Blockchain games and Metaverse projects are expected to raise $9.25 billion by 2022

• DappRadar’s Q3 report highlighted a 91.61% decrease in trading volume for virtual world projects.
• Yet the gaming industry accounted for 48% of all blockchain activity.
• Beyond gaming, blockchains are also seeing demand as the European Parliament recently approved their use for tax collection.

The last two quarters have been full of surprises for the crypto community, with the third quarter in particular being the most volatile. The effects of the same were observed on crypto projects in several ways, where blockchain games noted a significant preference from users and investors.

Q3 for the virtual world

Overall, the months of July, August and September noted a generally negative reception in the crypto gaming industry. The top six gaming protocols all fell short of the mark compared to their Q2 performance.

According to DappRadar’s report, Unique Active Wallets (UAW) observed a decline from 2% to 42%, with only Solana registering growth. Despite being home to only 4.82% of gaming activity, Solana marked a 269% increase in UAW.

Game protocols from the UAW

Regardless, the gaming industry in the crypto space is holding up, with 48% of all blockchain activity accounted for by blockchain gaming. Metaverse, on the other hand, has recorded its highest decline in 2022 in the last quarter.

The report shows that trade volume for projects in the virtual world fell by 91.61% in the third quarter, with land sales falling by 37.54%. Apart from the month of May, the trading volume has always been below 200 million dollars, gradually falling to approx. 6.6 million dollars in the 3rd quarter.

Metaverse projects trading volume and sales

In addition, market volatility also took a toll on investments in blockchain games and Metaverse projects. In the third quarter, only 1.3 billion dollars were collected, which once again turned out to be the lowest this year.

Blockchain Gaming Investment

But with $7 billion raised in nine months, the year is expected to end with a total figure of $9.25 billion, assuming fourth-quarter estimates come true.

EP uses blockchains

The blockchain industry is also gaining the interest of the non-gaming niche. As reported by FXStreet earlier last week, the European Parliament has called for the use of blockchains in their recently approved tax collection policy. In order to implement a more transparent and efficient tax collection system, the European Parliament proposed the use of blockchain, identifying it as a central and efficient tool.

This will increase the reach of blockchain technology to a more massive user base, and advance the industry itself.