The focus on quality gameplay experience resulted in a decrease in blockchain gaming over the past year.
However, the first month of 2023 witnessed a significant shift as gamers were responsible for nearly half of all blockchain activity. The market capitalization of the top gaming tokens increased by an average of 122% in January, with Gala’s digital utility token, GALA, seeing its value rise by 218%.
Mainstream media coverage of the sector fueled the increased interest in these gaming tokens. Blockchain gaming is a subset of the old business and is expected to become more widespread as blockchain technology becomes more popular.
The Wax blockchain continues to have the most active gaming activity, while the BNB Chain did not see a growth in the number of gaming protocols.
The robust financing in the beginning of 2023 set the ground for what many consider the “building” year of blockchain gaming, with investments in the industry expected to reach around $7.6 billion in 2022, a 105% increase from 2021.
Additionally, the research highlighted the metaverse’s significance in the rise in activity around blockchain gaming this year, with trade volume for January in games connected to virtual worlds reaching $44.5 million, a 114% rise from the previous month.
The success of key metaverse platforms such as The Sandbox and Decentraland contributed to the total gain, despite a 19% decline in sales.
In 2022, blockchain-based transactions related to gaming on Web3 accounted for about half of all transactions, as per a DappRadar research.