Blockchain Gaming and Virtual Worlds Market Report April 2023: DappRadar

Blockchain Gaming and Virtual Worlds Market Report April 2023: DappRadar

Play-To-Earn Games News, P2E Games News | 13 May 2023 07:55 UTC

The article gives insights into the Growth, Fluctuations, and Innovations in the Blockchain Gaming and Virtual Worlds Industry. Blockchain gaming experienced a slight decline in activity in April 2023 according to a recent report by DappRadar. The report suggests a 10% decrease in overall activity. However, blockchain games still accounted for 38% of on-chain activity, demonstrating their continued relevance and potential for growth. The emergence of new gaming chains such as Arbitrum and Immutable X, with Arbitrum experiencing a 118.36% increase in users and Immutable X witnessing an 8.88% growth, reflects the ongoing expansion of the blockchain gaming ecosystem. This growth will lead to further innovation and a wider range of gaming experiences in the future.

WAX is the most popular game chain right now, with more than 320,000 unique active wallets (UAW) being used every day. Polygon is in second place with more than 140,000 UAW, followed by Hive with about 86,000 UAW and BNB Chain with 82,000 UAW. Game makers and investors are both interested in Sui, a new blockchain network. Its price has already gone up by 3,800%, which is a lot. Sui is a good option for Web3 game developers because it takes a unique approach to on-chain assets and technical specs. Game designers like that it can process deals in parallel and scale horizontally to keep transaction fees low. Its NFTs can be updated in real time, and it uses a "object-based" model. Even though Sui is not compatible with Ethereum, it has gaming benefits that could make it popular with gamers in general. Sui is becoming more popular in the market, which is a good sign for the network's growth. It's because more Web3 game makers and players are going there.

Virtual Worlds Dapps

In April 2023, the number of trades and sales in virtual worlds dapps fell by 74%, as money moved towards meme coins like PEPE. Increased transaction costs and NFT traders selling their holdings at a loss to join the meme bandwagon were also factors in the drop. Otherdeeds for Otherside, which has a huge share of the market, saw its trade volume drop by 65%, to $34.7 million. But Otherside added a new tool that lets players convert their Otherdeeds into special NFTs and mint them. It separates the stories into the basic Otherdeeds and the expanded Otherdeeds. Even though the economy as a whole was going down, trading traffic in The Sandbox went up by 18.83% because of the Mega City 3 Land Sale. The sale was for more than 250 plots, and buyers of luxury plots could get special asset NFTs.

Epic Games Store and Blockchain Gaming

In the gaming business, blockchain gaming has become a promising new area in the past few years. The Epic Games Store's switch to blockchain gaming is one of the newest things to happen in this field. Epic Games opened the Epic Games Store in December 2018 as a digital store for PC games. It goes up against other online stores like Steam and GOG. The first blockchain game to be sold on the Epic Games Store was Blankos Block Party by Mythical Games. It came out in September 2022. Since then, the company has added 18 games to the part of its website for blockchain games.

This is an important move by Epic Games Store because it comes at a time when Steam has chosen not to let blockchain games on its platform. Epic Games Store is using this change to make money in the growing blockchain game industry. Even though CEO Tim Sweeney didn't want to use blockchain technology in its own games at first, the company has changed its focus to blockchain gaming. But the company now sees how blockchain technology could be used in games. Also, NFTs can be used to decentralize ownership of assets and create digital rarity.

Epic Games Store's move to blockchain games could lead to a big increase in sales. Also, bringing in a wider range of creators and gamers. In 2022, more than $7.6 billion was put into the blockchain gaming business. The investment shows that businesses that want to explore this space have a bright future ahead of them.

Investments in the Blockchain Gaming Industry

In recent years, a lot of money has been put into the blockchain gaming business. In April 2023, $421 million was put into metaverse projects and blockchain games. Bitkraft got $221 million for its second token fund, which shows that investors are still interested in the gaming business. Krafton and Naver Z gave $37 million to Migaloo and hope for it to become a joint venture based in North America. Scytale Digital put $20 million into Mythical Games, which will move its Mythical Chain to the Polkadot network and build a Mythos environment there.

These investments show that the blockchain gaming business has the potential to grow and change. As more investors realize how valuable blockchain gaming is, more money will be put toward making new games and projects in the metaverse.

In April 2023, the number of trades and sales in virtual worlds dapps went down, and money moved towards meme coins like PEPE. But despite the overall drop, trade volume in The Sandbox went up because of the Mega City 3 Land Sale, which offered more than 250 plots and special asset NFTs to people who bought premium plots. DappRadar says that Topia's trade volume went up in April 2023, after it had been slow because Minecraft wouldn't let NFTs or blockchains be integrated into the game.

Blockchain Gaming and Virtual Worlds Market Report April 2023 DappRadar
Blockchain Gaming and Virtual Worlds Market Report April 2023 DappRadar

Play to Earn Gaming News

Thank you for reading this PlayToEarnGames.com news story. We are the best place to find out what's new and exciting in the world of play-to-earn games. Our website has reviews, videos, and in-depth articles about the newest and most exciting P2E games for different platforms.

Our list of P2E games has been carefully put together by a team of experts, and we give you all the information you need to make the most of your gaming time. For the games you're interested in, you can find information about game tokens, white papers, and links to social media sites.

We are proud to keep our readers up to date on the latest changes in the gaming industry, such as blockchain, non-fungible tokens (NFTs), crypto, Web3, and metaverse games. Check out our "Best Games" and "Game Lists" sections to find the best P2E games and developers, or visit our "Video Game News" area for daily updates on what's going on in the gaming world.

Send us a press release if you're putting out a game or have news about PlayToEarn games. Our team of committed PlayToEarn Game news reporters will be happy to cover your event. Our website and reviews of video games should help you find the best play-to-earn (P2E) games. We're glad you came to PlayToEarnGames.com

Tags

web3, blockchain gaming, NFTs, Immutable X, DappRadar, video games news, innovation
See All
It is the Time for Web3 Gaming to Notch It Up

It is the Time for Web3 Gaming to Notch It Up

Web3 gaming is an innovative fusion of blockchain technology and gaming, poised to have a significant impact on the industry. It combines the utility of blockchain within video games, creating a new category called Web3 games. Enthusiasts believe it holds immense potential and could emerge as a major player in the gaming landscape.While Web3 gaming has garnered excitement and investment, challenges are evident. Despite its growth, daily unique active wallets remain low compared to the global gam...

Read more
SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

At the Multiverse Summit hosted by Saga, a leading Web3 infrastructure protocol, Liao from Saga unveiled several groundbreaking innovations aimed at transforming the gaming and entertainment industries. The summit took place aboard a yacht on the Rhine River during Gamescom 2023 in Cologne, Germany, and showcased Saga's commitment to revolutionizing the gaming landscape.Key highlights from the summit included the introduction of the latest version of the Saga protocol called Pegasus. This versio...

Read more
Crypto Gaming: Earning and Investing in Virtual Economies

Crypto Gaming: Earning and Investing in Virtual Economies

The convergence of cryptocurrency and gaming has given rise to a groundbreaking phenomenon called crypto gaming, where players can earn cryptocurrency while playing games. This article explores the world of crypto gaming, focusing on legitimate opportunities, popular games, methods of earning, and the potential for investment.Legitimate opportunities in crypto gaming provide players with immersive experiences where they can own in-game assets and trade them in open marketplaces, thereby enhancin...

Read more
PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

This week in the Web3 game industry, significant developments took place as two top game releases, NFL Rivals and Champions Arena, transitioned from beta versions to full live releases on iOS and Android app stores. NFL Rivals, which already boasts a substantial fan base, achieved over 2 million downloads. Additionally, other games like Eternal Dragons, Everseed, and Rogue Nation introduced new updates. Alpha versions of Boss Fighters and Citizen Conflict were also unveiled, offering players pas...

Read more
Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) games are a revolutionary concept within the gaming world that leverage blockchain technology to combine gaming with cryptocurrency. These games offer players the opportunity to not only enjoy immersive gameplay but also earn real value through digital assets. Unlike traditional games, where rewards are confined to the virtual realm, P2E games allow players to translate their in-game achievements into tangible rewards like cryptocurrencies and non-fungible tokens (NFTs), which...

Read more
MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

Nexon has partnered with Chainlink, a major player in Web3 infrastructure, to enhance its NFT-focused blockchain gaming ecosystem, MapleStory Universe. This collaboration aims to utilize Chainlink's Verifiable Random Function (VRF) technology to create more authentic and equitable experiences for players. MapleStory Universe is a large-scale online role-playing game hosted on the Polygon Supernet, with a focus on delivering top-notch Reward Experiences (RX) through the application of VRF, consid...

Read more
PlayToEarnGames.com

Welcome to PlayToEarnGames.com, your daily source for the latest NFTs and Cryptocurrency News. Whether it's PlayToEarn, cryptocurrencies, wallets, blockchain technology, trends & analysis, beta releases, or other game industry insights, our team of dedicated writers is here to keep you informed. But that's not all; we know that gaming is at the heart of it all.
In our P2E games section, we provide you with the best game reviews across a variety of top genres, including Play To Earn, Web3, Crypto, NFT, Metaverse, Blockchain, and much more. Our comprehensive game reviews cover everything you need to know, from gameplay instructions and videos to in-game footage and images. We also provide links to social media platforms like Twitter, Discord, and Reddit, whitepapers for deeper insights, and, of course, where you can play the game.
So, take a moment to explore our Play-To-Earn game website, and we sincerely hope you enjoy your visit. Stay tuned for the latest updates from the gaming industry and its up-to-date insights to game developers and their game details. So check our section Video Games, Gaming News, Game Developer, Game Trailers/Game Videos, and our Event Calendar with all the mints, drops and more.