The online gaming infrastructure development organization Blockchain Gaming Alliance has partnered with Canadian blockchain-based experience provider Dapper Labs to release a report on the state of the blockchain gaming sector last month.
Over 1 million unique active wallets (UAW) connected to decentralized applications were functional per day in October 2021, according to the report. The gaming world thus accounted for 55% of the total activity of the blockchain industry in October 2021. However, despite the increasing popularity of NFTs, the trading volume of game-related NFT items decreased by 11% compared to September 2021.
With Facebook’s ongoing rebranding to emphasize its focus on the metaverse, the market capitalization for virtual assets increased by 175% last month and is currently estimated at just under $1 billion. Virtual Worlds NFTs continued to dominate the total estimated NFT market capitalization, reaching 8% in October.
Modesta Masoit, Head of Finance and Research at DappRadar, commented on the results of the report:
“It is somewhat ironic that Mark Zuckerberg, who is hardly the hero of our world, seems to have done us a favor by doing everything at the Metaverse. Metaverse-related tokens are going through the roof. Our space benefits from the advantages of meta and is growing at a pace that was unprecedented in the traditional Web2 world.“
The executive further explained that gaming mechanics is the key that integrates DeFi and NFTs into the Metaverse. It is therefore a good time to bet that 2022 will be the “Year of Blockchain Games”. Gaming will be crucial to the development of the Metaverse into a decentralized virtual hub where we can all interact, earn and play, she added.
The report also showed that in October 2021, VCs had invested 127 million in blockchain game-related platforms such as Animoca Brands, Treeverse and the trading card game in parallel. This development shows a pattern of VCs pouncing on new games, while established games like Axie Infinity and Splinterlands continue their spectacular performance.