Blockchain Gaming has declined over the past year as players put more emphasis on their gameplay experience.
DappRadar’s recent research shows that gamers are responsible for more than half (48%) all blockchain activity in the first month 2023.
In January, the average market capitalization of top gaming tokens increased 122%. Gala (GALA), a digital utility token for the Gala Games ecosystem, saw its value rise by 218% over this period.
The survey found that the greater interest in these tokens stems from buzz surrounding the sector being spread to more mainstream media. Gala Titles was the first to announce that it had acquired a new mobile gaming firm with more assets than $20 million and 15 games.
This is because blockchain gaming has become a subset within the existing business. Blockchain technology will become more common, and more people will play Web3 games. This will eventually lead to widespread adoption.
With 331,000 active wallets, the Wax blockchain has the highest level of gaming activity. This is still the case. The BNB Chain was one of four leading blockchain gaming ecosystems and saw no increase in the number or gaming protocols between 2022-2023.
Increased activity and strong financing were key factors in the beginning of 2023. This helped create the foundation for what many call the “building” years of blockchain gaming. This word refers to the focus that industry has put on developing more powerful and better-quality games.
Gherghelas says that the sector’s investments are “growing dramatically.” The total investments will reach $7.6 billion by 2022. This is an increase of 105% over 2021. In January, more than $156million was invested in blockchain gaming.
Research also revealed the significant role that the metaverse played in the growth in activity surrounding blockchain gaming in this year. Information revealed that January’s trade volume in virtual world games reached $44.5million, which is an 114% increase over the previous month.
Despite the 19% decrease in sales, the overall gain can be attributed to key metaverse platforms, such as Decentraland or The Sandbox. Both had an increase in trading volume of 114% and 83% respectively. Despite sales falling, this was possible.
DappRadar’s research in 2022 found that about half the transactions were blockchain-based and related to gaming on Web3.