The first quarter of 2023 has been a mixed bag for the blockchain gaming industry.
According to a report by DappRadar and the Blockchain Game Alliance, gaming activity increased its dominance from 42.87% in Q4 of 2022 to 45.60% in Q1 of 2023, despite a decrease of 8.58% in daily unique active wallets (dUAW). This suggests that blockchain gaming is carving out market share from decentralized finance (DeFi), non-fungible tokens (NFTs), and social activities.
Polygon’s Rise to Gaming Activity Leaderboard
One of the significant developments in Q1 2023 was Polygon’s rise in the gaming activity leaderboard. Previously known for its decentralized finance (DeFi) dapps, Polygon is now third on the leaderboard, indicating that it is gaining popularity among blockchain gamers. This is a positive sign for Polygon as it shows that its efforts to establish itself as a platform for blockchain gaming are starting to pay off.
Top Games in Q1 2023
Alien Worlds has been dominating 66% of WAX.io activity, with an average of 223,945 dUAW, making it one of the most popular games in Q1 2023. Meanwhile, Splinterlands has claimed 99% of Hiveblocks activity, averaging 127,242 dUAW, making it another popular game during the first quarter of 2023. The success of these two games highlights the growing interest in blockchain gaming.
Investment in Blockchain Gaming and Metaverse Projects
The report also shows that investors are still bullish on the potential of blockchain gaming and are willing to pour money into promising projects. In Q1 2023, a total investment of $739M was pumped into blockchain gaming and metaverse projects, a 12.95% increase from the previous quarter.
Positive Sign for the Industry’s Future
Despite the slight decline in on-chain gaming activity in Q1 2023, games continue to hold a significant position in the dapp industry’s overall activity. Blockchain gaming has shown signs of growth despite the challenges posed by the pandemic and the wider economic landscape, which is a positive sign for the industry’s future.
Q1 2023 has been an eventful quarter for blockchain gaming, with its ups and downs. However, the overall trend is positive, and it shows that blockchain gaming has the potential to become a major force in the wider gaming industry. As more developers and investors get involved, we expect more exciting developments and innovations in the coming months and years.