Blockchain Gaming 'May be Key to Mass Adoption', Outpacing DeFi, NFTs - Report
Play-to-earn games have become more than relevant for the blockchain industry, with the number of users increasing exponentially, according to a recent report released by the Blockchain Game Alliance (BGA) and dapp information provider DappRadar. They may be the key to reaching mass adoption, while outpacing decentralized finance (DeFi) and non-fungible tokens (NFTs).
"Not only has the gaming sector more than doubled its popularity from last month, but it is outperforming two of the most important pillars of the blockchain industry," the report stated. "Despite the latest explosion in popularity of NFTs and a more consolidated DeFi space, the gaming sector is driving value in the form of usage."
The demand for blockchain-powered play-to-earn games led to unique active wallets expanding by 121% to more than 804,000 unique users.
What's more, the play-to-earn games success stories are a positive sign for the entire blockchain industry, the report argued. The involvement of NFTs in gaming dapps is positively impacting the space and it is not expected to scale down anytime soon, it added.
Benefiting from the inclusion of play-to-earn games into the Binance ecosystem, Binance Smart Chain (BSC) attracted more than 391,000 unique users during July, “a whopping 2,460% increase month-over-month,” the report said.
Owing to these increases, BSC was July’s most used blockchain with more than 658,000 unique users. Gaming and NFT-focused blockchain WAX came second with 336,000 unique users - an increase of 7% from the previous month, while ethereum (ETH) in a distant third place with 105,000.
EOS came in afterward with 49,000 gaming users, which is a 48% increase from the previous month, it said.
Last month, the rapidly expanding Axie Infinity (AXS) play-to-earn game became the most valuable NFT collection ever with more than USD 1bn in trading volume. Of these some, USD 600m happened during July alone, according to the analysis.
Other games are also gearing to lure more users, as Cryptoblades is challenging AlienWorlds as the most played game across all protocols, attracting more than 316,000 unique users during July. Cryptoblades generated more than USD 4.3m in transaction volume, the report said.
At the same time, Alien Worlds and Upland expanded their usage by 7% and 52%, respectively, compared with June.
“Hive’s Splinterlands experienced a considerable spike in its usage, the game attracted more than 26,000 unique users during July, a 204% increase from the previous month,” according to the analysis.
“Virtual lands among different metaverses increased their value; A Sandbox land lot sold for USD 863,000 while several Axie lands are trading above USD 500,000,” they concluded.