According to decentralized application ranking platform DappRadar, blockchain-based games will remain a significant part of the crypto industry.
In its Q3 2021 report, DappRadar notes that Play-to-Earn (P2E) games are driving interest in the crypto sector.
With P2E games, players can earn crypto and/or nonfungible tokens (NFTs) that can be sold for real-life money, according to Binance Academy.
In-game NFTs accounted for more than 20% of the third quarter’s record-breaking NFT trading volume, according to DappRadar.
Besides NFTs, Data points on unique active wallets (UAW) indicate that blockchain games are also well-represented in the overall crypto sector.
“The blockchain industry registered 1.54 million UAW during Q3, growing 25% quarter-over-quarter (QoQ) and 509% year-over-year (YoY). One of the main drivers behind the surge of this metric is blockchain-based games.
Propelled by the P2E narrative, the number of unique active wallets connected to blockchain games reached 754,000 in Q3. This amount represents 49% of the whole industry’s usage.”
The blockchain-based game Axie Infinity is a big reason why interest in P2E games has skyrocketed, according to DappRadar.
“The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution. Since moving to the Ronin sidechain, the game has reached impressive levels. During Q3, Axie became the most traded collection ever, surpassing blue-chip NFT collections like CryptoPunks and NBA Top Shot.
At the time of writing, Axie has generated over $2.5 billion in trading volume. In Q3 alone, Axie Infinity amassed $2.08 billion in trading volume or 83% of the game’s historical trading value.”
Axie Infinity’s governance token, AXS, is trading at $134.70 at time of writing and is up nearly 105% in the past 30 days, according to CoinGecko.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
