Wednesday, May 29, 2024

Polygon is the fastest-growing NFT game company, while Axie Infinity and Decentraland maintain their “powerhouse” status.

In October, game decentralized applications (dApps) accounted for more than half of all blockchain activity. DappRadar recently researched the conditions of the gaming sector based on blockchain, which looked at the number and activity of players that played games based on blockchain in October.

This research claims that burgeoning interest in the metaverse and soaring crypto rates are the reasons for the video game industry’s explosive expansion. It averaged over two million active user wallets (UAW) each day.

The popularity of blockchain-based gaming has never been higher

The popularity of decentralized finance (DeFi) has risen in recent months, although it pales compared to blockchain gaming. As per DappRadar’s research, the figures of UAWs associated with gaming now account for fifty-five percent of the whole blockchain sector, continuing the ascendancy that started in September.

The favorable trend of in-game use stretched across practically all gaming platforms, with Polygon seeing the largest rise. Throughout the last few months, the Layer-2 solution grew its wallets related to gaming to over two hundred percent. It grew by nine hundred percent in comparison to August. Gaming transactions quadrupled in October compared to the previous month with over 125,000 active UAWs, despite a nearly fifty-two percent decrease in DeFi-related transactions.

Arc8, a smartphone-based play-to-earn game developed by Animoca Brands, was responsible for the majority of this rise. The game demonstrated that it could be independent of DeFi if the relevant projects used Polygon as their primary architecture.

Another key result of the survey was that games based in the virtual world such as Decentraland and The Sandbox were on the verge of becoming real juggernauts of the gaming sector. Despite a lack of considerable activity increase on the networks, the coins for both games quadrupled after Facebook declared its renaming to Meta Platforms.

According to the research, dApps based on the virtual world produced more than 21.8 million dollars in trade volume last month, upping thirty-one percent from September.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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