According to the most recent data from DappRadar, it was blockchain gaming that dominated the web3 environment in the third quarter, garnering more than 26 percent of the on-chain activity.

According to the statistics provided by DappRadar, Web3 gaming contributed for more than 26% of the on-chain activity that occurred during the third quarter. This was made possible by 4.4 million daily active wallets, which represents a 21% rise in the number of daily unique active wallets compared to the previous quarter.

Oasys and opBNB also witnessed increases, with Oasys soaring by 4,711% and opBNB by 480%, establishing themselves as top-performing gaming blockchains. The Ronin Network, which led the charge, maintained its supremacy by attracting over one million daily wallets, which represents a rise of 34% from the second quarter.

Despite the high level of activity on the blockchain, the data shows that investments in blockchain gaming have dropped by an astounding 90 percent compared to the previous quarter, reaching a total of 110 million dollars. Seventy-nine percent of this cash has been invested in infrastructure initiatives.

Galaxy Digital, a blockchain investment business, has just released statistics indicating that the overall amount of venture capital investing in the cryptocurrency industry decreased by 20% in the third quarter, reaching a total of $2.4 billion across 478 deals.

According to Gabe Parker, a research analyst at Galaxy Digital, cryptocurrency startups that are centered on artificial intelligence services saw a fivefold increase in funding quarter-over-quarter. On the other hand, those that are centered on non-fungible tokens, the metaverse, and gaming experienced a 39% decline, which Parker described as the "largest QoQ decrease in venture capital investment across all categories."

Sara Gherghelas, a blockchain analyst at DappRadar, made the observation that despite the fact that investments in the web3 gaming market have significantly decreased compared to the previous quarter, the industry is still "laying critical infrastructure for future growth." According to Gherghelas, the metaverse had a mix of dropping trade volume and growing sales at the same time. This indicates that there is "sustained demand despite fluctuating prices."