The Blockchain Gaming Alliance, an organization focused on developing online gaming infrastructure, partnered with Canadian blockchain experience provider Dapper Labs to publish a report on the state of the blockchain gaming sector for the previous month.
The report found that over 1 million unique active wallets (UAWs) connected to decentralized applications were active per day in October 2021. Gaming activity accounted for 55% of total blockchain industry activity that month. Despite the growing popularity of NFTs, trading volume for game-related NFT items fell by 11% compared to September 2021.
Following Facebook’s ongoing rebrand to emphasize its focus on the metaverse, market capitalization for virtual assets rose by 175% during the month and is now estimated at just under $1 billion. Virtual Worlds NFTs continued to dominate the estimated NFT market capitalization, representing 8% in October.
Commenting on the findings, Modesta Masoit, Head of Finance and Research at DappRadar, said:
“It’s somewhat ironic that Mark Zuckerberg, hardly a hero in many eyes, appears to have done us a favor by pushing the metaverse so aggressively. Metaverse-related tokens are soaring. Our space is benefiting from Meta’s efforts and growing at a rate never seen in the traditional Web2 world.”
Masoit added that gaming mechanics are the crucial element that will integrate DeFi and NFTs into the metaverse. For that reason, she believes it is a strong bet that 2022 will be the “year of blockchain games.” Gaming, she said, will be essential to transforming the metaverse into a decentralized virtual hub where people interact, earn, and play.
The report also revealed that venture capitalists invested $127 million in October 2021 into blockchain gaming–related platforms such as Animoca Brands, Treeverse, and the collectible card game Parallel. This trend suggests VCs are actively pursuing emerging games, while established titles like Axie Infinity and Splinterlands continue to deliver notable performance.