2022 became once an limitless three hundred and sixty five days for the play-to-compose (P2E) gaming scene. An influx of capital and users became once followed by a interesting downturn in blockchain sport token costs and a lower in gamers — and the market is mute reeling. And, with fallout from the FTX catastrophe reaching into every corner of the industry, play-to-compose’s possibilities appear bleak on the surface. Nonetheless peeking below the hood, the numbers deliver a weird and wonderful story: Sturdy funding this three hundred and sixty five days has place the stage for serious “buidling” in 2023.
A constant circulation of solid raises for Web3 gaming studios has been silently infusing the market with funding for months. In August, UnCaged studios raised $24 million, contributing to close to $750 million raised by Web3 gaming studios in that month alone. The momentum persisted by September when Revolving 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 virtual actuality (VR) video games in November;