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Nearly Half of Active Crypto Wallets Connected to Blockchain-Based Games As Axie Infinity Records Impressive Q3: Report

by Daily Hodl Staff
October 26, 2021
in Blockchain, NFTs

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.”

Source: DappRadar

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. 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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