Gaming accounted for 45% of Q1 2023 blockchain activity
Q1 2023 has been a mixed bag in the blockchain gaming world. A report by DappRadar and the Blockchain Game Alliance shows that gaming as a whole increased its dominance from 42.87% in Q4 of 2022 to 45.60% in Q1 of 2023, carving market share from decentralized finance (DeFi), non-fungible tokens (NFTs), and social activities.
This comes despite the number of daily unique active wallets (dUAW) decreasing by 8.58% from the previous quarter.
One of the notable developments Q1 2023 was the rise of Polygon, a blockchain previously known for decentralized finance (DeFi) dapps. It has now climbed up the gaming activity leaderboard to third, indicating that it is carving market share and popular among blockchain gamers. This is a positive sign for Polygon, as it shows that its efforts to establish itself as a platform for blockchain gaming are starting to bear fruit.
Who now dominates the gaming sector?
Regarding the top games, Alien Worlds has been dominating 66% of WAX.io activity, with an average of 223,945 dUAW. Meanwhile, Splinterlands has claimed 99% of Hiveblocks activity, averaging 127,242 dUAW. These two games have been the most popular ones in Q1 2023, and their success is a testament to the growing interest in blockchain gaming.
The report also highlights that a total investment of $739M was pumped into blockchain gaming and metaverse projects in Q1 2023, a 12.95% increase from the previous quarter. This indicates that investors are still bullish on the potential of blockchain gaming and are willing to pour money into promising projects.
Although there has been a slight decline in on-chain gaming activity in Q1 2023, games continue to hold a significant position in the dapp industry’s overall activity. Blockchain gaming has shown signs of growth despite the challenges posed by the pandemic, and the wider economic landscape is a positive sign for the industry’s future.
In conclusion, Q1 2023 has been an eventful quarter for blockchain gaming, with ups and downs. However, the overall trend is positive, and it shows that blockchain gaming has the potential to become a major force in the wider gaming industry. As more developers and investors get involved, we expect more exciting developments and innovations in the coming months and years.