User activity on play-to-earn (P2E) platforms has jumped by 2,000% year-over-year, highlighted a DappRadar report which focused on the blockchain gaming space. Activity in the space has stabilized despite a challenging scenario from micro and macroeconomic perspectives.
The report said interest has been high going into 2022. The first quarter saw usage and investments in blockchain gaming accounting for 52% of all blockchain activity. The month of March, alone, saw 1.22 million new active wallets. Besides Axie Infinity, many other blockchain games have grown in the past 12 months. The report noted that games such as Crazy Defense Horses and Aavagotchi resulted in a 219% increase in activity on Polygon since the start of 2022.
Moreover, the blockchain gaming sector raised $2.5 billion in the first quarter of 2022. This is about 150% up from 2021’s first quarter. Some firms have emerged as the hottest names in the blockchain space.
Over the past couple of months, blockchain and crypto have been creating waves in the gaming world. It has also drawn criticism from the incumbent gaming community. Game publishers and developers are inclined toward new technology to revolutionize the gaming business model. Video game giant Ubisoft has already begun working with NFTs, while Square Enix is looking at introducing changes. The latter may take up blockchain technology as it’s the future of gaming.