DappRadar Says Half of Blockchain Activity Is Based on Gaming

This gives a fresh perspective on how big web3 and blockchain gaming technologies have become over the past months. According to DappRadar, there were more than 773,000 unique active wallets in January 2023, a number that is still slightly behind the results from December 2022 when gaming wallets were estimated at 767,000.

Blockchain Gaming Is on the Rise

In other words, DappRadar claims that half of what is happening on the blockchain is associated with gaming. Some projects have been particularly popular, too, with Axie Infinity, a Web3 game, and The Sandbox, a metaverse platform, proving exceptional initiatives and drivers of interest.

According to DappRadar, the reason why blockchain gaming is picking right now is that a lot of these Web3 games are actually making it into the mainstream. The games used to be a niche, but they are now proving to the mass gamer that they bring value and offer a variety of captivating features and gameplay that is usually associated with quality products.

Many of these games are also available for free, which is another contributing factor. Axie Infinity, for example, allows players to earn in-game currency that has real-world value. Some players in the Philippines were able to cash in on their Axie Infinity and buy real estate while the government debated whether it should tax their earnings.

In the meantime, DappRadar offered a quick comparison of the top gaming protocols by the number of unique active wallets, juxtaposing December, and January’s results. WAX stood on top of that chart with 331,000 active wallets in January and 332,000 active wallets in December, so a small overall dip in the number of players by 0.09%.

Still, Hive, another protocol, surged on monthly basis by 16% to 183,000 in January compared to 156,000 in December. Polygon hit 138,000 active wallets in January, up 11.29%, from 124,000 in December last year. BNB Chain saw the biggest contraction in overall number with 97,000 active wallets in January as opposed to 130,000 wallets in December.

Web3 to Be Even Bigger as Regulatory Opposition Lessens

Part of this success is also owing to the increase in metaverse projects in the first month. Despite major losses across their metaverse divisions, companies such as Meta have beckoned that they are confident in the vertical’s future success.

Tencent has just hosted its Web3 summit in Singapore, defying Chinese restrictions on blockchain and cryptocurrency technology, which is beginning to crack as the recently proposed consultation rules in Hong Kong suggest.