Web3 games accounted for 34% of all DApp activity in 2023.
According to the report Games Report – 2023 OverviewAccording to DappRadar, the Web3 gaming sector emerged as one of the fastest-growing key players in the cryptocurrency and blockchain industry in 2023, despite many of the games that were launched in the crypto industry disappearing in the bear market.
Data in the report reveals that Web3 games led the blockchain landscape, accounting for 34% of all recorded activity on decentralized applications (DApps) last year.
According to the data, this emerging sector managed to attract 1,1 million active players every day in the crypto space.
The most influential sector of the crypto industry
Speaking about Web3 games, DappRadar highlighted that this crypto sector has positioned itself as the most influential in the entire industry.
In 2023, the blockchain gaming space managed to attract several of the biggest companies in the gaming and entertainment world, such as Ubisoft, which has been one of the latest major developers to join the crypto industry. Also, as the report highlighted, Web3 games gained wider acceptance by mainstream platforms and app stores such as Epic Games Store, Google Play Store, and iOS App Store, indicating a wider adoption of blockchain technology in the world.
On the other hand, Web3 gaming was the crypto sector that attracted the highest number of daily active unique users in the crypto industry and the one that dominated the highest volume of activity in DApps.
Source: DappRadar
The growth of the blockchain gaming sector was particularly notable in Q2023 1,1, when it reached XNUMX million daily active users, the report noted.
WAX crowned as the leading gaming blockchain
The blockchain leading the Web3 gaming industry today is WAX, an EOS-compatible blockchain that was launched in 2017 with a focus on transaction speed. WAX uses the Delegated Proof of Stake (DPoS) consensus protocol, allowing for fast, secure transactions with fairly low transaction fees.
This blockchain has been growing steadily over the past few years. According to DappRadar, WAX has established itself as the leading gaming blockchain, attracting Over 3 million new wallets and processing 4.700 billion gaming transactions in 2023.
Source: DappRadar
Other blockchains that played a key role in the growth of the Web3 gaming sector last year included Polygon Network, Near, and Flow. All of these blockchains made inroads into the gaming sector, emerging as key players thanks to strategic partnerships with traditional games and the innovative developments and advancements driven by each of them.
On the other hand, although WAX leads the Web3 gaming sector, in terms of active unique users, The fastest growing gaming blockchain in terms of transaction volume was Near, which recorded an increase of more than 9.000% in the number of transactions processed through its network.
Regarding Solana, which also plays a prominent role in the blockchain gaming world, the report emphasized the recovery that this blockchain has experienced, regaining its strength after being affected by the FTX debacle in 2022. Games such as Star Atlas and Genopets drove Solana's growth last year, the report highlighted.
Otherside leads trading volume in Web3 games
Digging deeper into the sales volume related to Web3 games, DappRadar highlighted that it is Otherside, the gaming metaverse developed by Yuga Labs, that leads the transactions in the virtual world.
This metaverse platform recorded a volume of $365 million in land transactions, representing 30% of the total trading volume of DApps on the blockchain.
Source: DappRadar
Virtual land games were the focus of the crypto industry in 2023. According to DappRadar, virtual land transactions saw a growth of over 1.100% compared to 2022.
Finally, the excitement that Web3 games have generated has motivated large companies to invest in this emerging sector. Data in the report reveals that blockchain gaming projects managed to attract $2.900 billion in investments last year. All of this underlines the importance that gaming is gaining in the blockchain world.
Continue reading: Web3 games take over traditional businesses
