Web3 gaming is making significant strides in the decentralized application (dapp) industry, cornering 62% of active wallets according to a report by DappRadar. This surge in popularity is a testament to the increasing adoption of blockchain technology in the gaming sector.
The report reveals that the dapp industry experienced a 50% increase in unique active wallets (dUAW), rising from an average of 1.58 million daily dUAW to 2.37 million on average. This growth is largely attributed to the innovative business models being built around the idea of decentralization, as well as the increasing adoption of blockchain technology by traditional industries and businesses.
Blockchain Gaming is On the Rise
Blockchain gaming is maintaining its stronghold in the blockchain sphere. The month witnessed a 17% surge in Unique Active Wallets (UAW) engaging with gaming, reaching a total of 1.7 million. This uptick also signifies that blockchain gaming has expanded its market dominance by an additional 10%. In October, an estimated 62% of all decentralized application (dapp) activity was attributed to gaming projects.
In the realm of Non-Fungible Tokens (NFTs), gaming-related collections have emerged as a dominant force. Notably, Sorare, Axie Infinity, and Gods Unchained have maintained their status as the most frequently traded NFT collections.
At DappRadar, they perceive this sustained engagement in gaming as a significant driving force for the expansion of the industry. Stay tuned for the forthcoming report on blockchain gaming, produced in partnership with the Blockchain Game Alliance, where they will delve deeper into the data.
However, the growth of Web3 gaming is not without challenges. The report also highlights a sharp increase in exploits and hacks within the dapp sector, with a disconcerting 204% increase from Q2, resulting in losses amounting to $701 million. Despite these setbacks, the industry remains optimistic about the future of Web3 gaming.
In conclusion, the rise of Web3 gaming is a clear indication of the growing influence of blockchain technology in the gaming industry. As more traditional industries and businesses explore how they can step into the Web3 world, the dapp industry is expected to continue its upward trajectory.
The resilience of the dapp industry, particularly Web3 gaming, is a testament to the potential of decentralized applications and the future of gaming.
