New data from DappRadar suggests that gaming remains a vital organ for the blockchain industry. According to the report, the gaming sector accounts for roughly 50.51% of the industry’s month-to-month (MoM) usage, according to August figures.
Although in general the figures are a good indicator for the sector, it represents a decrease compared to the previous month. Last month, the gaming sector accounted for approximately 57.30% of industry usage (MoM).
DappRadar data comes from daily Active Unique Wallets (UAWs). According to the pollster, there are about 847,230 gaming-related UAWs active daily with nearly $698 million in transactions.
Gaming has long been touted as a gateway to the world of Web3, blockchain, and cryptocurrencies. Another recent ChainPlay survey highlighted that of the 2,428 GameFi investors surveyed, 75% said they joined the space solely for the game’s premise.
It’s not just GameFi investors who believe in the industry as a driver of mass adoption. At a panel at Korean Blockchain Week 2022, experts said that GameFi and crypto naturally go hand in hand. Furthermore, it was speculated that most games will have an in-game crypto economy in the coming years.
Traditional gaming companies have their eyes on Web3 as well. The head of Xbox even stated his optimism towards metaverse gaming, but with some caution towards “play-to-earn” (P2E) crypto games.
According to an investigation by cybersecurity auditing firm Hacken, Many projects in the GameFi game industry do not prioritize security and are about to get a big hack. Axie Infinity’s Ronin token bridge was one of the biggest cryptocurrency hacks with a loss of $600 million worth of tokens in March.
Recently, in an analysis of 60 Web3-based games, it was found that 40% of users were automated bots or multiple accounts coming from a single entity.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.