Blockchain-based Games Rallied Up 2,000% in One Year, DappRadar’s Latest Report Shows
Nicholas Otieno Apr 21, 2022 02:00
Despite setbacks, blockchain games are dominating in the DApp industry. Sutdy from DappRadar shows blockchain-based games has risen by 2,000% since Q1 of 2021.
DappRadar, a major online platform that offers information and insights about all the existing blockchain-based decentralized applications (DApps), Wednesday disclosed through its Blockchain Games Report that interest in blockchain-based games has risen by 2,000% since Q1 of 2021.
The study shows that blockchain games are leading in decentralized applications, which put them at 52% of all blockchain activities.
The report further reveals that blockchain games attracted 1.22 million unique active wallets (UAW) in March of this year. According to the report, Axie Infinity, a platform that offers decentralized games, was responsible for 22,000 such unique active wallets despite Ronin Network, a sidechain tied to Axie Infinity, being hacked that led to a loss of $615 million in stolen funds.
The study also indicated that an increase in popularity of play-to-earn (P2E) non-fungible token (NFT) games on Ethereum sidechains have been a big factor that significantly contributed to the growth of the blockchain games. As per the report, popular crypto games platforms on Polygon’s MATIC blockchain such as Crazy Defense Heroes, Pegaxy, Arc8, and Aavegotchi have spurred a 219% rise in Polygon's gaming activities since the beginning of 2022.
Besides that, the report indicated that blockchain-based games raised $2.5 billion in Q1, 2022 from investors. If such a trend is maintained, then the total investments by the end of the year will be 150% higher than in 2021, the report said. Animoca Brands, a developer of blockchain-based video games that allow gamers to buy and sell NFTs, was among the major investors. In January, the Metaverse gaming company raised almost $360 million that giving it a valuation of$5 a billion before the addition of the new capital.
The impressive growth in the blockchain gaming sector comes amid certain challenges (such as historical hacks that have resulted in huge losses and plummeted players’ interest) witnessed in the few months.
Bringing DApps to the Mass Market
In January, DappRadar produced a similar report that showed that four out of five DeFi apps (80% of DeFi apps) could disappear if the crypto bear runs for a year.
Founded in 2018 and based in Lithuania, DappRadar provides a global app store for decentralized applications. The platform enables users to track, analyze, and discover DApps (decentralized applications). It tracks more than 3,000 DApps across 10+ blockchains, including EOS, ONT, Ethereum, EOS, and TRON, with plans to expand to others.
DappRadar is funded by some of the world’s major internet and blockchain firms including Naspers, Blockchain.com, and Angel Invest Berlin.
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