New data on the blockchain gaming space shows that play-to-earn (P2E) user activity has exploded in the past year along with unique wallet addresses associated with these games.
User activity on play-to-earn platforms has jumped by 2,000% year-over-year, according to a DappRadar report published on April 20. The report, published in association with the Blockchain Gaming Alliance (BGA), is entirely focused on the blockchain gaming space, which has been experiencing significant growth in the past 12 months.
The report notes that despite a “challenging scenario from micro and macroeconomic perspectives,” activity in the space has stabilized. Security incidents like that of Ronin have highlighted that security risks exist, but funding and development remain a priority.
That interest has been high going into 2022 as well, with the first quarter of the year seeing usage and investments in blockchain gaming accounting for 52% of all blockchain activity. There were 1.22 million new unique active wallets (UAW) in March 2022 alone.
It’s not just Axie Infinity that has caught the attention of gamers, as many other blockchain games have also grown in the past 12 months. Games such as Crazy Defense Horses and Aavegotchi resulted in a 219% increase in activity on Polygon since the start of the year.
As for funding amounts, the blockchain gaming sector raised $2.5 billion in the first quarter of 2022, which is 150% up from Q1 2021. Some of these firms have become the hottest names in the blockchain space, as those outside the crypto world also consider the opportunities afforded by the technology.
P2E games bolstered by crypto and blockchain craze
Blockchain and crypto have been making quite a stir in the gaming world in recent times, often to criticism from the incumbent gaming community. Game publishers and developers see potential in revolutionizing the business model with the implementation of new tech.
Video game giants like Ubisoft have already begun working with NFTs, while Square Enix is also considering introducing related changes. In fact, Square Enix’s CEO believes blockchain technology to be the future of gaming.
Of course, it won’t be some time before we see major disruption, but it is still telling that so many major gaming firms agree on the value of NFTs and blockchain-based systems. With the way P2E games are growing, we might even expect to see more existing game companies taking the plunge.