According to recent reports from the Blockchain Gaming Alliance, the gaming sector continues to contribute a huge share of all NFT transactions. The Blockchain Gaming Alliance calculates that more than 22% of all NFT buying and selling happens through blockchain-based games. GameFi is already making progress in different parts of the world, with games like Axie Infinity changing the lives of thousands of players online. The play-to-earn model of blockchain-based games is founded on NFTs. NFTs are not only given away as rewards but are also in-game currencies in blockchain-based games.
With the growth of web 3, the metaverse will act as the major gaming platform. Within the metaverse, NFTs play a very important role because of their uniqueness and originality. It offers true ownership to owners, and they do not have to depend on a specific platform to use their in-game tokens.
The report from Blockchain Gaming Alliance also gives information on the progress of blockchain gaming companies. In the last year, blockchain gaming companies got huge funding and raised millions of dollars. Animoca Brands, for example, raised $88 million and $138 million in May and June, respectively. These reports go on to show what the future holds for NFTs and blockchain-based gaming on the metaverse.
With $2.23 billion of revenue in the third quarter of 2021 alone, NFTs have come up as a very important economic force in the world. In the coming years, the sector will grow even more as blockchain-based gaming takes over the digital gaming space.