2022 was a huge year for the play-to-earn (P2E) gaming scene. An influx of capital and users was followed by a sharp downturn in blockchain game token prices and a decrease in players — and the market is still reeling. And, with fallout from the FTX disaster reaching into every corner of the industry, play-to-earn’s prospects seem bleak on the surface. But peeking under the hood, the numbers tell a different story: Strong funding this year has set the stage for serious “buidling” in 2023.
A consistent flow of strong raises for Web3 gaming studios has been silently infusing the market with funding for months. In August, UnCaged studios raised $24 million, contributing to nearly $750 million raised by Web3 gaming studios in that month alone.