According to DappRadars’ Q3 industry report, the blockchain industry grew 25% from its last quarter and over 500% from last year. A surge of new wallets have not only interacted with smart contracts but have been shown to interact with applications on a daily basis.
The project saw substantial growth, entering Q4 as an almost $8bn company. This has led to a plethora of new games entering development and beginning to be released.
Blockchain gaming has grown in attention due to the monetary gains associated with playing. Some of these games have such high rewards that users in Southeast Asia have quit their jobs to play full-time.
Games focused on NFTs are popular, with the tokens used to earn rewards. These rewards can either be turned into digital currencies or they can be used to make new NFTs through a minting process. Each additional NFT created holds its own value and can be traded through NFT marketplaces.
In the latest quarterly report by DappRadar, 754,000 newly created wallets connected to gaming decentralized applications. This represents almost half of the unique wallets created. The report shows that NFT collectibles generated $2.32bn in sales. These sales accounted for 22% of the total volume in the NFT marketplaces.
This year has been a fantastic year for blockchain gaming. Projects like Axie Infinity have taken the sector to a whole new level. Many NFT enthusiasts continue to look for new blockchain games that aim to live up to what Axie Infinity has built. In Q3 of this year, Axie Infinity dominated the decentralized gaming market and accounted for $2.08bn in trading volume.
To find the next big game could prove very rewarding for early holders. Axie Infinity released its token in November 2020, it began trading at roughly $0.14. Today, an Axie Infinity’s token costs $128.80 each. In a little over 11 months, it has seen a 92000% increase.
As always, the challenge with finding the next big thing in cryptocurrency is deciphering which project is legitimate and will follow through with its development process.
The amount of commotion in the market makes it hard to determine which project actually means business and which is just popular in the short term.
With the market in full swing, you can benefit from numerous gaming options such as 1xBit, Bitcasino.io, and FortuneJack.
