Crypto Gaming Booms Amid Metaverse Hype 


Key Takeaways

October saw blockchain games make up the majority of activity in the dapp industry.
55% of unique active wallets interacted with gaming dapps such as Axie Infinity and Splinterlands.
Mobile crypto games have also seen increased adoption on the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) sidechain Polygon.

Share this article

Data from analytics platforms DappRadar and Token Terminal shows a boom in crypto gaming. In October, 55% of all unique active wallets connected to blockchain games, marking the third consecutive month that more wallets connected to gaming dapps than DeFi protocols. 

Crypto Gaming at All-Time Highs

October was a good month for blockchain gaming.

According to DappRadar, a leading decentralized application analytics platform, October saw blockchain games make up the majority of activity in the dapp industry. 55% of unique active wallets (UAW) totaling 1.19 million users interacted with gaming dapps over the past month.

The data signals the growing dominance of blockchain games, with October marking the third consecutive month that more unique active wallets connected to gaming dapps than DeFi protocols. 

Source: DappRadar

Established blockchain games such as Sky Mavis’ Axie Infinity made up more than half of all blockchain gaming users. On-chain activity soared in October, thanks in part to the game’s newly released AXS token staking feature. Over the past month, 647,000 UAW connected to Axie, up 27% from September. 

Additionally, data from Token Terminal show that transactions on Axie Infinity have also reached new highs. As of Nov. 4, transaction volume on the game’s marketplace hit a daily record of $38.2 million. 

Source: Token Terminal

Splinterlands, a play-to-earn collectible card game, has also been making waves. Despite running on the relatively unknown Hive blockchain, Splinterlands has grown its user base 3,260% over the past year thanks to the addition of the SPS token, which users can earn through playing the game.

Polygon has seen the biggest shift towards gaming, with over 70% of unique active wallets on the network playing blockchain games, compared to less than 15% in August. Mobile gaming dapps such as Animoca brand’s Arc8 are largely responsible for the sudden surge in gaming on the Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) sidechain. At the start of October, daily active addresses on Polygon hit an all-time high of 531,831. 

Metaverse gaming has also taken off, driven by Facebook’s recent rebrand to “Meta.” Metaverse platforms such as Decentraland and The Sandbox have seen their native tokens soar is value, while trading volumes for in-game land parcel NFTs skyrocketed on OpenSea. Additionally, The Sandbox recently closed a $93 million a Series B funding round led by SoftBank’s Vision Fund 2.

As crypto games demonstrate their ability to attract users, other blockchains are also looking to develop their own gaming ecosystems. Solana Ventures, Lightspeed Venture Partners, and FTX have just announced a joint $100 million initiative to develop gaming on Solana, saying that the network’s high-speed, low-cost capabilities will allow crypto gaming to thrive. 

Disclosure: At the time of writing this feature, the author owned ETH, SOL, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Solana Ventures, FTX, Lightspeed Venture Partners Launch $100M Web3 Ga…

Solana Ventures, Lightspeed Venture Partners, and FTX have announced a joint $100 million initiative that will focus on blockchain gaming.  $100M Crypto Gaming Fund Announced As crypto gaming looks set…

How SocialGood Is Offering 100% Crypto Cashback on Online Shopping

In recent years, the rise of Bitcoin ( $48,965.00 ) and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…

Polygon Users Overtake Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) Amid Crypto Gaming Mania 

Daily active addresses on Polygon have overtaken Ethereum ( $0.00 ) ( $0.00 ) ( $0.00 ) after a surge in users from the upcoming mobile gaming app Arc8. Polygon Users Hit All-time High The number of Polygon users…

The Sandbox Leads Metaverse Rally After $93M Funding Round

NFT Metaverse platform The Sandbox has continued to rally following the announcement of a $93 million Series B funding round led by SoftBank’s Vision Fund 2.  The Sandbox Hits All-Time…



Source

Recommended For You

About the Author: crypto8

Leave a Reply

Your email address will not be published. Required fields are marked *