Metaverse Token Boom

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According to data from monitoring services DappRadar and Token Terminal, cryptocurrency gaming is seeing a resurgence. As of October 2021, 55% of all personally-owned device wallets were associated with blockchain-based games, representing the third straight month in which more wallets were associated with gaming dApps than with DeFi protocols.

Cryptocurrency Gaming At an All-time High

October proved to be a fruitful month for blockchain gaming.

According to DappRadar, a renowned decentralized application analytics company, blockchain games accounted for the vast majority of engagement in the decentralized application market in October. In the previous month, 1.19 million users with (UAW) Unique Active Wallets engaged with gaming-related dapps, accounting for 55% of all UAWs.

The data indicates that blockchain games are becoming more dominant, with October being the third month in a row in which more personally owned devices wallets related to gaming dapps versus Defi protocols were created.

Users of established blockchain games, such as Sky Mavis Axie Infinity, accounted for more than half of all blockchain gaming participants. On-chain activity increased dramatically in October, owing in part to the game’s newly announced AXS token staking functionality, which boosted the game’s popularity. In the last month, 647,000 UAW members linked to Axie, a 27% increase over the previous month.

Data from Token Terminal also shows that operations on Axie Infinity have achieved new highs, which is consistent with the trend. As of November 4, the total value of transactions on the game’s marketplace had reached a new daily high of $38.2 million.

Splinterlands, a play-to-earn collectable card game, has also been gaining popularity. Even though it runs on the relatively obscure Swarm blockchain, Splinterlands has seen a 3,260% increase in its user population over the last year, owing to the introduction of the SPS token, which players can acquire by participating in the game.

Since August, Polygon has witnessed great movement toward gaming, with more than 70% of active wallets on the system playing blockchain games, compared to less than 15% in August. A big part of the unexpected increase in gaming activity solely on the Ethereum sidechain may be attributed to the gaming of mobile dapps, including Animoca brand’s Arc8. The number of daily active addresses for Polygon reached an all-time peak of 531,831 at the beginning of October.

Metaverse gaming also has exploded in recent years, thanks to Facebook’s rebranding as “Meta.” The value of native tokens on metaverse systems such as Decentraland & The Sandbox has risen, while trade volumes for in-game property parcel NFTs on OpenSea have also surged as a result of this. The Sandbox has recently completed a $93 million Series B fundraising round, which was spearheaded by SoftBank’s Vision Fund 2.
As crypto games show their capacity to draw players, other blockchains are moving to create their separate gaming ecosystems to complement their offerings. With the announcement of a collaborative $100 million endeavour to develop gaming on the Solana network, Lightspeed Venture Partners, Solana Ventures, and FTX said that the network’s high-speed, low-cost capabilities would enable crypto gaming to flourish.

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