Cointime

Cointime

Download App
iOS & Android

State of Blockchain Gaming in Q1 2023

Validated Project

Although there has been a slight decline in on-chain gaming activity in Q1 2023, games continue to hold a significant position in the dapp industry’s overall activity. The latest on-chain data analysis by DappRadar for the first quarter of 2023 offers an optimistic outlook on the industry’s potential for growth and advancement, emphasizing the crucial contribution of gaming in propelling innovation and progress.

Key Takeaways

  • Blockchain gaming activity in Q1 2023 had an average of 791,474 daily Unique Active Wallets, a decrease of 8.58% from the previous quarter.
  • Polygon has emerged as a prominent player in the blockchain gaming industry, ranking third in terms of activity in Q1 2023 with an average of 122,307 daily unique active wallets (dUAW).
  • Alien Worlds and Splinterlands were the top games in terms of user activity in Q1 2023 on their respective blockchain platforms, with Alien Worlds dominating 66% of WAX activity and Splinterlands claiming 99% of Hive activity.
  • In Q1 2023, investments in blockchain gaming and metaverse projects surged by 12.95% to reach $739 million.

Highlights of the blockchain gaming industry in Q1

In the first quarter of 2023, the Web3 gaming space saw continued growth and exciting advancements. However, it is not just Web3 gaming projects that are driving this trend. Traditional Web2 gaming companies are also recognizing the potential of blockchain technology and expanding into the blockchain industry.

Blockchain Gaming Overview Q1

In Q1 2023, blockchain gaming has shown a bullish sign of growth, with an increase in dominance from 42.87% in Q4 of 2022 to 45.60% in Q1 of 2023.

Polygon, a blockchain previously known for DeFi dapps, climbed the charts and secured the third spot. This is a positive sign for Polygon, as it is now gaining recognition as a gaming blockchain.

Top 5 Games of Q1 2023

Q1 2023’s top games are Alien Worlds, dominating 66% of WAX activity with an average of 223,945 dUAW, and Splinterlands, claiming 99% of Hive activity with an average of 127,242 dUAW.

Investments in Web3 games

A total investment of $739 million was pumped into blockchain gaming and metaverse projects in Q1 2023, a 12.95% increase from previous quarter investments.

Conclusion

While there was a slight decrease in daily unique active wallets compared to the previous quarter, the overall dominance of blockchain gaming increased. The emergence of Polygon as a major player and the success of Alien Worlds and Splinterlands indicate the potential for growth and innovation in the industry.

Additionally, the increase in investments in blockchain gaming and metaverse projects, along with traditional gaming companies recognizing the potential of blockchain technology, suggest a promising future for the Web3 gaming space. 

(By Sara Gherghelas)

Read more: https://dappradar.com/blog/state-of-blockchain-gaming-in-q1-2023

Web3
Comments

All Comments

Recommended for you

  • It is estimated that there are about 28 days left before ETC production cuts

    Data shows that Ethereum Classic (ETC) is expected to undergo a reduction in production on June 3, 2024, which is about 28 days and 6 hours away. The current block reward is 2.56 ETC, and after the reduction, it will be 2.048 ETC.

  • South Korea's Seoul Prosecutors' Office recovers and seizes 7.6 billion won worth of Ethereum

    The cybercrime investigation team of the Seoul Eastern District Prosecutor's Office in South Korea announced that they have recovered a deleted electronic wallet from a fraud suspect and seized 760 million Korean won (approximately $5.6 million) worth of Ethereum.

  • The total value of Starknet bridge storage exceeds 900,000 ETH

    According to Dune data, the total value bridged (TVB) by Ethereum Layer 2 solution Starknet has exceeded 900,000 ETH, reaching 901,512 ETH, which is approximately worth $2.84 billion at current prices. The total number of bridged user addresses is 1,225,098.

  • NFT transactions on the Bitcoin chain exceeded $55 million in the past 7 days

    According to CryptoSlam data, the Bitcoin on-chain NFT transaction volume in the past seven days reached 55.02 million US dollars, Ethereum NFT transaction volume reached 48.7 million US dollars, and Solana NFT transaction volume reached 24.62 million US dollars.

  • USDe issuance is nearly 2.3 billion

    According to Etherscan data reported, the stablecoin USDe issued by Ethena Labs has reached a circulation of 2,292,060,769. USDe is a stablecoin based on Ethereum, which is collateralized by derivatives and achieves price stability through delta-neutral hedging in centralized and decentralized venues. To create USDe, Ethena allows users to use USD, ETH, or liquidity collateral tokens as collateral.

  • CEL breaks through $0.55, with a 24-hour increase of more than 75%

    According to market data, CEL has broken through $0.55 and is currently priced at $0.5651, with a 24-hour increase of over 75%. The market is volatile, so please be prepared for risk control.

  • SlowMist: The total loss from security incidents last week (April 28-May 4, 2024) exceeded US$71.4 million

    According to the weekly security report (April 28 - May 4, 2024) released by SlowMist, the total loss this week exceeded $71,399,000. An incident this week resulted in losses rising from the nine-digit range to the astonishing ten-digit range. Surprisingly, this was not due to complex technical flaws or sophisticated phishing scams, but a simple error that could have been easily avoided by implementing a whitelist. Multiple security incidents include:

  • Tether issued USDT worth $240 million on May 4 and redeemed USDT worth $8.6 million

    According to ChainArgos monitoring, on May 4th, Tether conducted a large-scale issuance and redemption activity. A total of $240 million USDT was issued that day, while $8.6 million USDT was redeemed.

  • Barcelona-based Web3 Video Games Startup GFAL Raises $3.2M in Seed Funding to Expand Team and Accelerate Production Plans

    Barcelona-based startup GFAL has secured $3.2 million in seed funding from investors including Supercell Ltd and Mitch Lasky. The company plans to use the funds to expand its team and accelerate its game production plans, which leverage AI and Web3 technology for immersive gameplay. GFAL's Elemental Raiders mobile game soft-launched in March 2023, with plans to build on this for a 2024 launch. CEO Manel Sort expressed gratitude for the investment and excitement to work with former colleagues from Digital Chocolate.

  • Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference, suggested that Hong Kong refer to IPO to provide innovative financing models for Web3

    Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Hong Kong Legislative Council, wrote an article in the Hong Kong Wen Wei Po titled "Leading the Digital Economy by Adapting to the Web3 Trend". The article pointed out that developing Web3+ has both advantages and new challenges. The Hong Kong government has taken an important step in the direction of developing Web3 and the digital economy by formulating a short- to medium-term strategic development blueprint, ensuring that policies and resources are in place, and promoting the construction of Web3+ application scenarios. Focusing on Web3, establishing an international innovation financing platform can not only help Hong Kong leverage its traditional financial advantages, but also help it become a global digital technology center. It is suggested to refer to the mature mode of existing enterprises' IPOs in Hong Kong, provide an innovative financing model for Web3, and create a market trend and service competitive advantage to promote the development of the industry and attract upstream and downstream of the industry chain at home and abroad to gather in Hong Kong.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company