Blockchain Games To See Increase In Market Capitalization In 2023 – Study
Over the past year, the play-to-earn gaming sector has steadily declined, with players emphasizing the low quality of the overall gameplay. However, the first month of the year, as revealed by the on-chain data analytics platform, DappRadar, shows that gamers constitute over 48% of the activities in the blockchain industry.
Rise In Market Cap For Blockchain Games
According to a recent survey by DappRadar, the market valuation of the top gaming assets jumped 122% on the average last month. In the same period, GALA, the native token of the Gala Gaming ecosystem, saw its value spike by 218%.
The survey further revealed that the renewed interest in blockchain gaming tokens is due to the ongoing frenzy from the sector, which continues to attract more viewers from the mainstream media sector. For example, Gala Titles made the headlines after it announced its acquisition of a mobile game company having over $20 million in assets under control and 15 games to its name.
The increased interest in blockchain gaming is because it is already a subset of the mainstream games bossed by players like Konami, Tencent, and Sony. With the popularity of blockchain technology, Web3 games will become more widely used, further expanding the user base.
Furthermore, the Wax Blockchain is reportedly the most active gaming platform, with about 331,000 active wallet users, and this is currently the case. On the other hand, the BNB Chain is one of the top four blockchains in the gaming ecosystem that failed to register a rise in the number of its gaming protocols between the end of last year and the start of 2023.
The first weeks of January 2023 witnessed increased activities, with financial inflows helping to set the ground in what many gaming enthusiasts believe is the building period of blockchain gaming. Meanwhile, the latest development highlights the direction of the blockchain industry, focusing on creating higher-quality immersive games than previous ones.
In the past few years, there have been significant investment inflows into the blockchain gaming industry, with the amount of money pumped into the sector growing steadily. In 2022, the expected investments in the ecosystem were recorded to be $7.6 billion, which indicates a 105% increase from 2021.
Last month alone, the total investments in the blockchain gaming industry were estimated to be approximately $156 million. Additionally, the research stressed the significance of the metaverse in the rising activity in the blockchain gaming space at the start of the year.
Data from the survey showed that transaction volumes for January in the virtual ecosystem reached $44.5 million, indicating a 114% rise above the amount for December 2022. However, the industry has experienced a 19% decline in sales volume, but the overall gain is attributed to the role of crucial metaverse platforms like The Sandbox and Decentraland.
Both platforms saw an increased trading volume between 114% and 83%. Meanwhile, the DappRadar research revealed that blockchain-related transactions in 2022 accounted for roughly half of all transactions in the industry.
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