Play-to-earn blockchain games experienced a downturn last year as gamers prioritized improving the gaming experience.
However, according to a new report from DappRadar, in the first month of 2023, gamers accounted for nearly half (48%) of all blockchain activity.
In January, the market capitalization of the best gaming tokens increased by an average of 122%, while Gala (GALA), the digital utility token of the Gala Games ecosystem, grew by 218%.
According to the report, the rise in interest in these gaming tokens comes as the hype in the industry reaches the mainstream audience. For example, Gala Games made headlines after acquiring a new mobile games studio with over $20 million in assets under management and 15 games.
Blockchain analyst at DappRadar Sarah Gergelas told Cryptooshala that based on the network’s performance over the past two years, it’s safe to assume that blockchain gaming will remain an important sector in the industry.
“This is because blockchain games are already a vertical in the traditional industry. As the blockchain gains momentum, it will enable the wider adoption of Web3 games to become mainstream.”
The Wax blockchain still has the most active gaming activity with 331,000 unique active wallets. All three leading blockchain gaming ecosystems saw an increase in the number of gaming protocols from late 2022 to early 2023, with the exception of the BNB chain.
Early 2023 saw an increase in activity as strong funding set the stage for what many are calling blockchain games. “building” year. This term reflects the industry’s focus on creating more powerful and higher quality games.
Gergelas said the volume of investment in this vertical is “significantly increasing,” with total investment in 2022 at about $7.6 billion, up 105% from 2021. In January alone, investments in the blockchain gaming industry exceeded $156 million.
Opening a new era of Web3 gaming, making a sustainable “Play to earn” game.
In addition, the report highlights the role of the metaverse in the growth of blockchain gaming activity this year. The data showed that trading volume in games related to the virtual world reached $44.5 million in January, up 114% from a month earlier.
While sales were down 19%, the overall increase can be attributed to the success of major metaverse platforms such as The Sandbox and Decentraland, with 114% and 83% increases in trading volume, respectively.
According to a 2022 DappRadar report, Web3 games accounted for nearly half of all blockchain-based transactions this year.
Credit : cointelegraph.com
