Governments around the world, as well as law enforcement agencies, are increasing their oversight of the crypto sector. Amid regulatory upheaval rocking the crypto world, blockchain gaming has a firm place. A recent quarterly industry report by DappRadar states that the blockchain gaming sector is the dominant element of the Web3 world and is all but unfazed by the ongoing market turmoil. Blockchain games controlled a 37 percent share of the total dApp market between April and June this year.
Blockchain Gaming is increasingly attracting community members as it not only allows Web3 items like NFTs make for a more immersive experience, but also give players full ownership of the in-game assets they purchase. These assets can be 3D props, apparel, and virtual tools and weapons that can be traded or rented by players to help them squander money.
According to his reportAccording to DappRadar, the dominance of blockchain gaming across the Web3 sector stood at 45 percent between January and March this year, and saw only a slight decline in the second quarter of this year.
“The data suggests a dynamic industry that is adapting and responding to new challenges and opportunities in the blockchain space. In the second quarter of 2023, daily unique active wallets (dUAW) interacting with on-chain dapps saw a 7.97 percent increase over the previous quarter. This rise can be taken as an encouraging sign of a market recovery. The increase in dUAW signals continued user engagement and adoption of dapps. The gaming sector maintains its dominance,” noted DappRadar in its new report.
In fact, this also applies to blockchain gaming popped up is among Web3’s fastest-growing tributaries, with the number of active users on decentralized gaming platforms growing by 500 percent between 2018 and 2020.
In AsiaBlockchain gaming craze is growing exponentially by the day, catching the attention of industry players.
The Asian gaming community generates the largest revenue share in the industry. In his previous research report DappRadar said that Asian countries India, China, Japan and South Korea combined have over 1.7 billion video game players.
Just last month, China’s Alibaba Group formed a partnership with Switzerland-based company Near Protocol to offer blockchain developers support in developing games on decentralized networks.
To compare blockchain gaming’s strong performance to other Web3 sectors, the DappRadar report states that DeFi protocols recorded a seven percent loss compared to the last quarter.
Due to the Review by the SEC The digital asset market — which includes both cryptocurrencies and NFTs — has seen a notable decline amid regular rate hikes against crypto players in the US.
According to DappRadar, the NFT market alone plummeted 38 percent between March and April this year, which could be due to ongoing volatility in the industry.
