Who would have thought it’s possible to earn while playing online games? Play to earn usage in blockchain-based gaming has ballooned to over 2,000% and they’re just warming up.
And it’s not just the gamers who are hooked to P2E platforms but more and more investors are also looking to tap into the recent profitable upsurge.
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1.2 Million New UWAs
According to a report by DappRadar in partnership with Blockchain Gaming Alliance (BGA) on April 20, blockchain-based and play to earn gaming has tremendously increased to as much as 2,000% which all started in the first quarter of the previous year – this translates to at most 52% – a large chunk of the blockchain activity.
The blockchain-based gaming industry is steadily growing and taking up more space.
With the Ronin Bridge security breach that recently happened, P2E gaming now comes with unique wallet addresses (UWA) as a robust security measure.
BTC total market cap at $770.56 billion on the daily chart | Source: TradingView.com
In fact, more than 1.22 million new UWAs or unique active wallets were created in March 2022; and the numbers continue to grow. Around 22,000 of those new UWAs are gamers of Axie Infinity.
While Axie Infinity seems to rank highest on the popularity vote of play to earn gaming, other blockchain games are catching up to the favorite list and getting more eyeballs as well such as Aavegotchi, Pegaxy, and Crazy Defense Heroes.
Blockchain gaming has tripled or quadrupled its funding to as much as 150% from Q1 of 2021 having raised a total of $2.5 billion in the same period of 2022 alone.
Image credit: Finextra Research
Play To Earn Gaming On The Rise
The integration of cryptocurrency and blockchain has amplified the gaming space today. Play to earn gaming got even more exciting in the metaverse.
Despite criticisms from traditional video gaming, software developers are seeing a lot of potential with this new-age business model.
As a matter of fact, giants in the video game industry like Ubisoft also started collaborations with NFTs.
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Square Enix is also contemplating on applying these tech improvements in the belief that the blockchain is the “future of gaming.”
The top dogs of the gaming industry are all in alignment with the incremental value of blockchain-based systems and NFT.
Play to earn NFT games are exploding in numbers and it’s getting better with every new game introduced in the market.
The game play needed upgrades and blockchain-based technology clearly hits the sweet spot.
Featured image from Laptop Mag, chart from TradingView.com