Gaming represented 55% of the total Blockchain activity in October: Report
Online gaming infrastructure development organisation Blockchain Gaming Alliance has collaborated with blockchain-based experiences provider company DappRadar to launch a report reflecting on the state of the blockchain gaming sector in the last month.
Over 1 million Unique Active Wallets (UAW) connected to decentralised applications were functional per day in October 2021, the report revealed. The gaming world thus represented 55% of the blockchain industry’s total activity in October 2021. However, despite the increasing popularity of NFTs, trading volume on game-related NFT items decreased 11% from September 2021.
With Facebook’s ongoing rebrand to emphasise its focus on the metaverse, the floor market capitalisation for virtual assets grew by 175% over the last month and is currently estimated to be valued at a little short of $1 billion. Virtual worlds NFT continued to dominate the total estimated NFT market cap, hitting 8% in October.
Commenting on the findings of the report, Modesta Masoit, Head of Finance and Research at DappRadar said:
“It’s somewhat ironic that Mark Zuckerberg, who’s hardly our space’s hero, seems to have done us a favour by going all out on the metaverse. Metaverse-related tokens are shooting for the moon. Our space is reaping the benefits of Meta and growing at a pace not heard of in the traditional Web2 world.”
The executive further stated that with gaming mechanics being the key that ties DeFi and NFTs into the metaverse, it is a good time to be betting on 2022 to be the “Year of Blockchain Games.” Gaming will be crucial in enabling metaverse to be the decentralized virtual hub where we can all interact, earn, and play, he added.
The report also revealed that VCs had invested 127 million in blockchain games-related platforms such as Animoca Brands, Treeverse, and trading card game Parallel in October 2021. This represented a pattern of VCs piling in on upcoming games while established games like Axie Infinity and Splinterlands continue their spectacular performance.