Blockchain gaming for profit experienced a slump in the last year, when players prioritized improving the gaming experience.
However, in the first month of 2023, gamers accounted for nearly half (48%) of all blockchain activity, according to a new report from DappRadar.
January also saw market caps for the top gaming tokens increase by an average of 122%, with Gala (GALA), the digital utility token of the Gala Games ecosystem, rising by 218%.
According to the report, the surge in interest in these gaming tokens comes at a time when the industry buzz is hitting mainstream audiences. For example, Gala Games grabbed headlines after acquiring a new mobile game studio with more than $20 million in assets under management and 15 games.
DappRadar blockchain analyst Sara Gherghelas told Cointelegraph that based on on-chain metrics from the past two years, it is safe to assume that blockchain gaming will continue to be a significant sector of the industry.
“This is because blockchain gaming is already a vertical in the traditional industry. As blockchain gains momentum, it will bring more adoption of Web3 games to become mainstream.
Wax blockchain continues to have the most active gaming activity with 331,000 unique active wallets. All three of the top blockchain gaming ecosystems saw an increase in the number of gaming protocols from late 2022 to early 2023, with the exception of the BNB chain.
Early 2023 saw increased activity as strong financing set the stage for what many are calling blockchain games “building” year. The term encapsulates the industry’s focus on creating more powerful and high-quality games.
Gherghelas said that the volume of investment in this vertical is “significantly increasing”, with total investments in 2022 to be around $7.6 billion – a 105% increase from 2021. Investments in the blockchain gaming industry exceeded $156 million in January alone.
Related: Ushering in a new era of web 3 gaming by making Play-to-Earn sustainable
Plus a message emphasized the role of metaversion in this year’s surge in blockchain gaming activity. The data revealed that sales volume for games related to the virtual world reached $44.5 million in January, a 114% increase from the previous month.
Although sales were down 19%, the overall growth can be attributed to the success of the metaverse’s main platforms, such as The Sandbox and Decentraland, with trade volumes increasing by 114% and 83% respectively.
According to a 2022 report by DappRadar, games on the web 3 made up almost half of all blockchain-based transactions in the year.
