Blockchain Gaming has a market value increase
Play to Earn Over the past year, blockchain gaming has seen a decline as players have focused on the quality of their overall gaming experience.
On the other hand, a recent research by DappRadar reveals that during the first month of 2023, gamers were responsible for over half (48%) of all blockchain activity.
The market value of the top gaming tokens increased by 122% on average during the month of January. Gala (GALA), the digital tool of the Gala Games ecosystem, saw a 218% increase in value during this time period.
According to the survey, the increased interest in these gaming tokens is a result of buzz from the sector reaching viewers in more mainstream media. For example, Gala Titles made news when it announced the purchase of a new mobile gaming company that had more than $20 million in assets under control as well as 15 games.
This is due to the fact that blockchain games are already a subset of the old business. As blockchain technology becomes more popular, more people will start playing Web3 games, which will eventually become widespread.
Wax blockchain still has the most active gaming activity, with 331,000 distinct active wallets. This continues to be the case. The BNB chain was the only one of the top four blockchain gaming ecosystems that did not see a growth in the number of gaming protocols between late 2022 and early 2023.
The beginning of 2023 was characterized by increasing activity, and robust funding helped lay the foundation for what many refer to as the “building year” for blockchain gaming. This word highlights the attention the industry has put into developing games that are more powerful and of a higher quality.
According to Gherghelas, “the amount invested in this particular sector is growing dramatically.” Total investments are expected to reach around $7.6 billion in 2022, which is a 105% increase from 2021. In the month of January alone, investments in the blockchain gaming business reached more than $156 million.
In addition to this, the research emphasized the importance the metaverse has had in the increase in activity around blockchain gaming this year. The information showed that the trade volume for January in games connected to virtual worlds reached $44.5 million, which is an increase of 114% compared to the amount seen in the previous month.
Although there was a 19% decrease in sales, the overall gain can be credited to the success of key metaverse platforms such as The Sandbox and Decentraland, both of which saw trade volume increases of 114% and 83% respectively. This despite the fact that sales fell.
According to a research published by DappRadar in 2022, blockchain-based transactions related to games on Web3 accounted for about half of all transactions in that year.
