Blockchain gaming is heading towards controlling the whole blockchain industry
DappRadar August reports showed that blockchain gaming makes up nearly 51% of all the activity in the whole industry, with hundreds of millions worth of transactions.
Despite the bear market, the gaming industry is maintaining its velocity and continuing to be the backbone of the industry.
Although the numbers are high and hopeful, there has been a decrease since last month, when the figure was 57.30% of total industry activity.
The data from DappRadar were extracted from the daily Unique Active Wallets (UAW). According to the UAW records, the number of gaming-associated wallets is around 847,230, and they generate nearly USD 698 million in transactions.
There was already expectation that gaming was going to be the main way most users would meet Web 3.0, blockchain and crypto, and the latest surveys have shown this to be true. ChainPlay’s most recent survey showed that 75% of GameFi investors surveyed stated they have come into contact with the blockchain space purely because of their gaming activities. This survey included 2,428 gamers.
Moreover, during Korean Blockchain Week 2022 it was stated by blockchain experts that GameFi and crypto are fundamentally complementing each other, and so they expect a major gaming crypto economy to emerge in the coming years.
These expectations led traditional gaming companies to focus on the Web 3.0 space with the aim of adopting blockchain. The founder of Xbox also explained that although they are cautious about P2E gaming, they remain interested in metaverse gaming and the possibilities it holds.
The concerns around blockchain gaming arise from security issues, as many of the projects in the GameFi industry prioritize other aspects of the gaming projects over security, and thus create a dangerous environment (according to research from the cybersecurity auditing firm Hacken).
A good example of this was the Axie Infinity hack back in March 2022, resulting in a loss of USD 600 million worth of tokens.
Another recent analysis among 60 Web 3.0-based games showed that 40% of users were either bots or there were multiple accounts from a single entity.
Source: cointelegraph.com
analyst opinion
Eda Tutkun
Despite the bear market, the gaming industry is maintaining its velocity and continuing to be the backbone of the industry.
Although the numbers are high and hopeful, there has been a decrease since last month, when the figure was 57.30% of total industry activity.
The data from DappRadar were extracted from the daily Unique Active Wallets (UAW). According to the UAW records, the number of gaming-associated wallets is around 847,230, and they generate nearly USD 698 million in transactions.
There was already expectation that gaming was going to be the main way most users would meet Web 3.0, blockchain and crypto, and the latest surveys have shown this to be true. ChainPlay’s most recent survey showed that 75% of GameFi investors surveyed stated they have come into contact with the blockchain space purely because of their gaming activities. This survey included 2,428 gamers.
Moreover, during Korean Blockchain Week 2022 it was stated by blockchain experts that GameFi and crypto are fundamentally complementing each other, and so they expect a major gaming crypto economy to emerge in the coming years.
These expectations led traditional gaming companies to focus on the Web 3.0 space with the aim of adopting blockchain. The founder of Xbox also explained that although they are cautious about P2E gaming, they remain interested in metaverse gaming and the possibilities it holds.
The concerns around blockchain gaming arise from security issues, as many of the projects in the GameFi industry prioritize other aspects of the gaming projects over security, and thus create a dangerous environment (according to research from the cybersecurity auditing firm Hacken).
A good example of this was the Axie Infinity hack back in March 2022, resulting in a loss of USD 600 million worth of tokens.
Another recent analysis among 60 Web 3.0-based games showed that 40% of users were either bots or there were multiple accounts from a single entity.
Source: cointelegraph.com
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