Blockchain-based games are yet another subsection of the whole cryptocurrency market that is growing pretty quickly. The pay-to-earn (P2E) model allows users to earn cryptocurrencies while playing games and can then convert that to cash.
This has led to a surge in gamers flocking to these platforms to get early skin in the game. Given how large the global gaming market is, it’s only going to go up as most people are becoming aware of this new opportunity.
DappRadar, a blockchain application ranking platform states that almost 20% of NFT trading volume was because of in-game NFTs. An interesting metric that pops up a large sector of unique active wallets (UAW) is blockchain-based games.
“The blockchain industry registered 1.54 million UAW during Q3, growing 25% quarter-over-quarter (QoQ) and 509% year-over-year (YoY). One of the main drivers behind the surge of this metric is blockchain-based games.
Propelled by the P2E narrative, the number of unique active wallets connected to blockchain games reached 754,000 in Q3. This amount represents 49% of the whole industry’s usage.”
According to DappRadar, Axie Infinity which is a blockchain-based game is deep within the midst of all this growth.
“The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution. Since moving to the Ronin sidechain, the game has reached impressive levels. During Q3, Axie became the most traded collection ever, surpassing blue-chip NFT collections like CryptoPunks and NBA Top Shot.
At the time of writing, Axie has generated over $2.5 billion in trading volume. In Q3 alone, Axie Infinity amassed $2.08 billion in trading volume or 83% of the game’s historical trading value.”
