Published on: 06/07/2022
Blockchain games are surpassing PC games popularity, data shows
Non-fungible token (NFT) not only creates a new market but also influences the new blockchain gaming trend. DappRadar and the Blockchain Game Alliance estimate that $2.5 billion was invested in blockchain games in the first quarter of 2022 alone. By 2021, venture capitalists will have invested $4 billion in blockchain games. Investments will increase by about 150 percent between 2021 and the end of the year, according to the firms.
Despite the fact that cryptocurrencies, in general, have lost billions of dollars in value, DappRadar statistics show that Blockchain gaming activity has increased 2,000 percent since the first quarter of last year. Three popular virtual worlds and games are Sandbox, Decentraland, and Axie Infinity.
In April, over 1.23 million wallets interacted with blockchain games on a daily basis, breaking the previous record, according to the most recent DappRadar data. User metrics have increased even in Axie Infinity, where token prices have decreased.
Furthermore, in the first quarter of this year, $2.5 billion was raised for blockchain gameplay and other metaverse developments. While this was before the recent drop, it is still commendable given that $4 billion was raised in 2021, when the speculative bubble was at its peak. This puts online gaming and metaverse ventures on track to raise $10 billion by 2022. As a result, even a 60% reduction in funding would push it above 2021 levels.
While NFT games have not yet surpassed the popularity of PC games, they are on the verge of doing so. Only the top ten PC games have more players than Alien Worlds, the top NFT game, and the difference is very small, with Alien Worlds trailing by approximately 1,000 users.
According to the data, the NFT metaverse Alien Worlds had more participants than the blockchain games Splinterlands and Galaxy Blocks combined. This becomes clear when comparing the different wallets that demonstrated any kind of interaction with a smart contract from these games in the previous month.
The data also shows that blockchain games are the primary driver of NFTs, with the exception of Axie Infinity, whose popularity waned after it became a national subject in the Philippines in August 2021. The Binance-branded system, in contrast to the most popular blockchain in DeFi, is only the world’s second most popular blockchain.
Blockchain games are the future
NFT’s significant opportunities and value have been recognized by the video game industry. Companies that haven’t used NFTs in their games yet are likely to start. NFTs are expected to become extremely popular in games, as evidenced by the data because they have already proven themselves in a growing market. While the traditional gaming industry is worth around $300 billion, Blockchain gaming has the potential to boost the crypto market’s economic viability to at least $8 trillion.
Furthermore, blockchain gaming is popular because players enjoy the idea of a decentralized web. In interactive and collective games and worlds that commonly allow them to build their own elements or make a significant contribution to their design, players gain more control over their identity and interactions.
Other players can buy video game characters, armor, and other items from players. Players can earn cryptocurrencies and turn them into a regular source of revenue by participating in a blockchain-based game.