Cryptocurrency adoption has multiplied in recent years, and that’s why blockchain-based games are no longer surprising. A recent report by market tracker DappRadar claims that blockchain-based games increased 2,000% from the previous year, equaling 52% of all blockchain activity.
The report – which was prepared in tandem with the Blockchain Game Alliance (BGA) – indicates that 2022 will be a landmark year for crypto games developers. This is because the total investment raised for blockchain games in Q1 alone was $2.5 billion, which could reach a whopping $10 billion by the end of the year. Leading that fundraising haul were brands such as Animoca Brands (raised $360 million), blockchain Polygon (which raised $450 million), and Yuga Labs ($450 million) to launch the Otherside metaverse with play-to-earn (P2E) games.
Per the report, there were 1.22 million unique active wallets (UAW) for blockchain-based games in March, and more than half of the activity in the industry was generated by decentralized applications (DApps) or gaming applications with rewards and incentives. Furthermore, Splitterlands is ranked #1 among play-to-earn DAPPs, while Polygon is on top among layer-2 sidechains with the top played P2E games. Additionally, despite being among the top 10 most played games, Axie Infinity ($AXIE.NFT) saw a decrease in UAW after the $650 million hack of Ronin Bridge in mid-February.
Overall the report seemed to be very optimistic about the future of the metaverse, saying it is “one of the most exciting opportunities in the blockchain industry.”
“The ownership entitled by NFTs and the underlying financial ecosystem enabled by cryptocurrencies and play-to-earn games will shift the paradigm from the traditional metaverse that is limited to a virtual, augmented reality,” the report said.