DappRadar Report January '23

DappRadar Report January '23

Play To Earn Games | 08 May 2024 12:19 UTC

The Blockchain Gaming Industry Bullish in January 2023,DappRadar Reports

Video games and gamers constitute almost half of all the activity on blockchain technology in the last month of the new year. This new metrics report by DappRadar shows that blockchain gaming is pretty bullish at the moment thanks to several reasons. With the advent of technology, the world of gaming has also evolved. In recent years, blockchain gaming seems to be the first choice for many investors in the gaming industry. This new technology has the potential to transform many industries. In addition, blockchain gaming has enhanced user experience by offering a reliable, secure, and transparent way to perform digital transactions. This trend has progressed in a variety of ways, from letting players design their own characters, themes, and even gameplay.

Despite a challenging 2022, the blockchain sector has made a promising start in 2023. One of the leading industries taking a lead this year is blockchain gaming. A recent DappRadar report uncovered some interesting trends regarding the growth of blockchain gaming and funding.

Gaming Tokens Bullish in 2023

In the last month, gaming tokens gained an impressive surge, showing positive signs for the industry. Blockchain gaming activity as estimated by on-chain data increased by 1.31% in January, with 858,621 daily Unique Active Wallets (dUAW) accounting for 48% of dapp activities. Furthermore, the market value for top-performing gaming tokens saw a massive increase of 122% on average. The digital utility token of the Gala Games (GALA) also surged by 218% of its actual value.

ApeCoin and SAND Leads

Among these tokens, ApeCoin remins a dominant player with a market value of $2,112,042,188 as of January 31 and an increase of 51.99% from January 1. SAND is closely following with a market capitalization of $1,254,095,738 and a gain of 86.64%.

GALA Shows a Lot of Potential

The report claims that as industry hype hits general audiences, demand for those gaming tokens is increasing. For instance, Gala Games earned recognition after acquiring a new mobile gaming firm with 15 titles and $20 million in assets managed. As a result, the Gala blockchain network now has a considerably larger user base. Also, a Gala Music artist received a Grammy nomination, which increased awareness of the network. Cryptoslate suggests that FLOKI is currently one of the year's top-performing gaming tokens. Despite the fact that the coin has gained 239% over the last 30 days, it is still 88% below its all-time high.

MAGIC Records Increase

MAGIC has also experienced a boost with the hype around TreasureDAO. The goal of this new system is to unite producers, collectors, and fans in a special environment that will be beneficial for them. The gaming industry has responded favorably to the idea, which has assisted in raising the value of MAGIC.

Avalanche's AXS Gains Ground

Last but not least, AXS is making ripples with the start of Homeland and Axie Origins Season 2. These actions have increased the AXS blockchain network's accessibility and sparked interest among both investors and gamers.

Blockchain Analyst Highlighted the Growth

Sara Gherghelas, a blockchain analyst at DappRadar, told Cointelegraph that it is safe to predict blockchain games will remain to be an evolving segment in the industry based on on-chain data from the previous two years.

“This is because blockchain gaming is already a vertical in the traditional industry. As blockchain gains more traction, it will bring more adoption to Web3 games which will become mainstream.”

Because of the buzz surrounding the Yuga Labs ecosystem, ApeCoin has experienced a rise in demand. Another high point for the NFT giants was the Sewer Pass debut in January. To play the skill-based game Dookey Dash, you need the Sewer Pass.

Report Summary

To summarize our analysis, blockchain gaming has collectively raised $156 million from 10 investments in the industry. Courtside ventures became the most notable investor with a total of $100 million for its third early-stage capital fund. It would be correct to say that consistent funding has prepared the ground for a significant boost in 2023.

This year appears to be a recovery period for the blockchain industry after a challenging time. Investors are now backing studios that have a track record of developing Web3 games, and they are planning for the future up to five or ten years ahead. In 2023, the blockchain gaming market will experience a change in plan that will give developers new challenges and opportunities as players and investors place a higher priority on quality than quantity. The future looks promising, and we believe that the blockchain gaming sector will continue to develop and advance.

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