Unique active wallets for blockchain games decreased by 8% in Q1 2023
The number of unique active wallets (UAW) recorded a decrease of 8.58% in the first quarter of 2023, as the recent DappRadar report revealed.
The average daily UAW was calculated at 791,474 for the first three months of the year, the DappRadar report said. Despite the decline, investments in Web3 games registered an increase of 12.95% and reached $739 million.
Web3 Gaming dominance
Although the number of UAW recorded a slight decrease in the first quarter of 2023, it still reflects a bullish sentiment when UAW counts are compared across the fields of gaming, DeFi, NFT and social.
The social and DeFi industry’s UAW count also decreased along with the gaming industry during the first quarter of 2023, while only the NFT sphere’s UAW count remained the same. These changes increased the dominance of Web3 games to 45.6% in the first quarter of 2023 from 42.87% recorded in the previous quarter.
Top gaming chains
Almost all game chains reflected the decrease in the number of UAWs in Web3 games except for Polygon (MATIC) and Klaytn (KLAY).
MATIC emerged as the leading gaming blockchain by registering a 29% growth in UAW numbers increasing to 122,000 in the first quarter of the year from the 94,000 registered in the previous quarter. On the other hand, KLAY managed to establish a solid foundation as a gaming blockchain by increasing the number of UAWs to 15,000 in the first three months of the year.
BNB Chain (BNB) emerged as the biggest loser in UAW numbers during the first quarter, shrinking to 87,000 from the 138,000 recorded in the fourth quarter of 2022, marking a 36% decline.
Hive (HIVE) and EOS (EOS) followed BNB with the second and third most significant losses, with 20% and 18% respectively. Despite a 1.76% decrease in the number of UAWs, WAX (WAXP) also remained in its position as the most prominent gaming chain in the first quarter of the year.
Investments
The $739 million invested in the Web3 gaming space marks a 13% increase from the $654 million raised in Q4 2022.
However, the current number remains relatively small, next to the $1.22 billion invested in the Web3 gaming space in the third quarter of 2022.
Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before doing anything related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.
