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Dappradar Report: Blockchain Gaming Makes Up Half of the Activities in the Industry

  • The blockchain gaming industry has enjoyed massive adoption since the year began.
  • Traditional gaming firms are closely investigating opportunities in the blockchain gaming market.

Blockchain gaming has risen to prominence and accounts for half of the activities in the blockchain space. According to a new report by blockchain research firm, Dappradar, the August number shows that the gaming market made up approximately 50.51% of industry usage month-over-month (MoM). This figure mirrors how important blockchain gaming has become in crypto adoption.

Although the data strongly indicates the sector as a whole, they are down from July’s figures, where blockchain gaming accounted for over 57.30% of usage (MoM).

This data was reportedly gotten from the daily Unique Active Wallets, which Dappradar The surveyor estimates that there are approximately 847,230 gaming-related UAW active per day, totaling close to $698 million in transactions.

Blockchain gaming has grown in adoption in recent years. Since the 2020 lockdown, the gaming industry piqued the interest of traditional game players, especially in play-to-earn games like Axie Infinity. Blockchain gaming has grown in popularity in the Asian market, particularly in the Philippines, where residents have struggled to find ways to earn a living since the pandemic.

Most blockchain experts believe the gaming industry holds the key to the next wave of crypto adoption. A recent study from ChainPlay revealed that 75% of the 2,428 investors surveyed by GameFi indicated they entered the market purely on the basis of gaming.

Games enjoy a mutually beneficial relationship with other aspects of the blockchain space, such as the metaverse and cryptocurrencies. Blockchain experts believe that most games will develop in-game crypto economies over the next few years. Others remarked that integrating NFTs into a game’s native economy will ensure the continuity of NFTs at the forefront.

Top brands such as EA Sports and Zynga are exploring blockchain as a possible source of new revenue for the global gaming market. Although the blockchain gaming market is far from competing with the traditional game industry in terms of quality and gameplay, the possibilities in blockchain gaming surpass those of mainstream platforms.

The opportunity for players to fully own their assets is one of the key benefits of blockchain gaming over conventional gaming, where players accumulate in-game assets as they advance, but these resources only exist inside the boundaries of that game. The asset is worthless in real-life use. However, thousands of gamers have improved their finances through play-to-earn games.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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