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- 1 Blockchain gaming saw around 800K unique wallet addresses (UAWs) on an average during the quarter.
- 2 A dollop of funds have been poured for Web3 infrastructure followed by the metaverse.
The latest report on blockchain gaming indicates the sector is going cold. Blockchain gaming promoter Blockchain Game Alliance (BGA) and data aggregator DappRadar recently released their quarterly report dubbed State of Blockchain Gaming in Q3 2023. Wax is maintaining its position as the preferred blockchain for games.
Gaming Holds Dominance in The Sector
Blockchain gaming saw around 800K unique wallet addresses (UAWs) on an average during the quarter. Gaming remains the dominant factor for the decentralized app (dApp) market. Although social dApps were seemingly getting traction, their share in the market has begun declining.
Solana saw an over 40 percent decline in transaction count while Skale and zkSync-Era soared to new heights. The report writes, “The blockchain gaming industry’s persistent evolution, coupled with the entry of fresh players like Skale, Base, and zkSync, signals a bright horizon for Web3 gaming. This dynamism makes us highly optimistic about its thriving future.”
Alien Worlds, a blockchain game, still holds the highest UAWs, nonetheless, losing a quarter of its user base. SuperWalk and Nine Chronicles gained nearly 80 percent. Splinterlands has the lowest fan base in the category. The report also dives into transaction volumes associated with certain games.
Axie Infinity comes out at the top with $90 Million in transaction volume. Alien Worlds slips from best in the above category to worst in this segment, having attained $10 Million. According to the report, “Consequently, it’s tempting to forecast that the next wave in Web3 gaming might very well be dominated by casual gaming studios.”
Furthermore, the report also talks about the metaverse. The hype is, in fact, faded from the market. While the trading volume soared from $55 Million to $311 Million in Q1 2023, it again fell to $58 Million in the following quarter. Now, it has declined to even lower levels with $13 Million this quarter.
Traditional Gaming Remains a Significant Barrier
Web3 gaming too saw a fall-off in investments. $1.22 Billion in Q3 2022 is slashed to just half in the latest quarter. A dollop of funds has been poured for Web3 infrastructure followed by the metaverse. Games including My Pet Hooligan, Star Atlas’ SAGE Labs, Nitro Nation and more have been launched already, while Ember Sword, Phantom Galaxies, Formula E, and more are awaiting release.
The report concludes, “while the growth trajectory of blockchain gaming remains largely positive, the evolving dynamics across sectors and platforms emphasize the need for adaptability and foresight in this ever-evolving domain.”
Research shows the blockchain gaming market could reach $66 Billion by 2027. However, a shift from traditional games to blockchain-based could be a major driver to attain the figure. Nonetheless, backlash from the traditional gaming community is a significant barrier to cross.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
