Blockchain-based games are “here to stay” in the crypto space, according to decentralized application ranking platform DappRadar.
In a new Q3 2021 update, DappRadar says that play-to-earn (P2E) games have driven a surge of interest in the crypto subsector.
P2E games allow players to earn crypto and/or nonfungible tokens (NFTs) that can be sold for real-life income, according to Binance Academy.
DappRadar says that in-game NFTs represented more than 20% of the third quarter’s record-breaking NFT trading volume.
Outside of just NFTs, data points on unique active wallets (UAW) suggest that blockchain games also have a large presence in the overall crypto sector, according to the company.
“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.”
The blockchain-based game Axie Infinity is a big reason why interest in P2E games has skyrocketed, according to DappRadar.
“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.”
Axie Infinity’s governance token, AXS, is trading at $134.70 at time of writing and is up nearly 105% in the past 30 days, according to CoinGecko.Â
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