Last year had various highs and lows in the world of crypto but 2023 may stand as the most significant yet for blockchain gaming
As part of the Blockchain Game Alliance, a 2022 survey of collected data has been released. Part of the survey focused on DappRadar‘s findings which looks at blockchain gaming.
DappRadar is a dapp store that hosts numerous dapps from over 48 protocols. Users can connect their online wallets to the platform to manage their assets in one place. DappRadar also collects information and statistics on the state of blockchain gaming and the metaverse. The BGA Games Report shared some key insights into Web3 and blockchain.
Statistics from DappRadar show that gaming remains the core driving force of the dapp industry. Dapps function similarly to regular apps, offering some kind of utility to the user however these run on a decentralised system. Data shows that gaming accounts for almost 50% of all on-chain activity which is tracked by DappRadar.
A big year for blockchain gaming
Blockchain gaming has asserted itself as one of the key spaces within the world of crypto. Blockchain game development has seen steady growth and players are seeing opportunities to control and own in-game assets. In addition to that, there’s the possibility of being able to earn money from playing. Growth trajectories according to MartketsandMarkets have stated that the blockchain gaming market could be worth 65,7 billion by 2027.
DappRadar also shared that 1.13 million unique active wallets are connected daily to game dapps across 48 blockchains. This accounts for 85% more than in 2021. On-chain game transactions managed to reach 7.4 billion. Showing a 37% increase from the year before and a massive 3,260% since 2020.
Web3 gaming and metaverse projects raised a huge $7.6 billion in 2022. This is 59% more than in 2021. In addition, $2.54 billion was invested in infrastructure projects. Despite the crypto winter many projects have managed to endure and show their resilience. Trading volume from land sales in virtual worlds reached an estimated $1.45 billion. The popular building metaverse title The Sandbox managed to secure $1.66 million of virtual land sales at the end of 2022.
This year is looking to be an integral one for the blockchain gaming space. Play-to-earn gaming models made up much of the beginnings of blockchain gaming. However, in some instances, the play-to-earn model hasn’t proven sustainable. Therefore we are seeing some distance themselves and exploring other avenues. While this doesn’t mark the death of blockchain gaming in general, it does point toward its evolution. Upcoming free-to-play titles and a higher quality of games may help to pave the way for the next generation of blockchain gaming.