The article gives insights into the Growth, Fluctuations, and Innovations in the Blockchain Gaming and Virtual Worlds Industry. Blockchain gaming experienced a slight decline in activity in April 2023 according to a recent report by DappRadar. The report suggests a 10% decrease in overall activity. However, blockchain games still accounted for 38% of on-chain activity, demonstrating their continued relevance and potential for growth. The emergence of new gaming chains such as Arbitrum and Immutable X, with Arbitrum experiencing a 118.36% increase in users and Immutable X witnessing an 8.88% growth, reflects the ongoing expansion of the blockchain gaming ecosystem. This growth will lead to further innovation and a wider range of gaming experiences in the future.
Popular Gaming Chains in April 2023
WAX is the most popular game chain right now, with more than 320,000 unique active wallets (UAW) being used every day. Polygon is in second place with more than 140,000 UAW, followed by Hive with about 86,000 UAW and BNB Chain with 82,000 UAW. Game makers and investors are both interested in Sui, a new blockchain network. Its price has already gone up by 3,800%, which is a lot. Sui is a good option for Web3 game developers because it takes a unique approach to on-chain assets and technical specs. Game designers like that it can process deals in parallel and scale horizontally to keep transaction fees low. Its NFTs can be updated in real time, and it uses a “object-based” model. Even though Sui is not compatible with Ethereum, it has gaming benefits that could make it popular with gamers in general. Sui is becoming more popular in the market, which is a good sign for the network’s growth. It’s because more Web3 game makers and players are going there.
Virtual Worlds Dapps
In April 2023, the number of trades and sales in virtual worlds dapps fell by 74%, as money moved towards meme coins like PEPE. Increased transaction costs and NFT traders selling their holdings at a loss to join the meme bandwagon were also factors in the drop. Otherdeeds for Otherside, which has a huge share of the market, saw its trade volume drop by 65%, to $34.7 million. But Otherside added a new tool that lets players convert their Otherdeeds into special NFTs and mint them. It separates the stories into the basic Otherdeeds and the expanded Otherdeeds. Even though the economy as a whole was going down, trading traffic in The Sandbox went up by 18.83% because of the Mega City 3 Land Sale. The sale was for more than 250 plots, and buyers of luxury plots could get special asset NFTs.
Epic Games Store and Blockchain Gaming
In the gaming business, blockchain gaming has become a promising new area in the past few years. The Epic Games Store’s switch to blockchain gaming is one of the newest things to happen in this field. Epic Games opened the Epic Games Store in December 2018 as a digital store for PC games. It goes up against other online stores like Steam and GOG. The first blockchain game to be sold on the Epic Games Store was Blankos Block Party by Mythical Games. It came out in September 2022. Since then, the company has added 18 games to the part of its website for blockchain games.
This is an important move by Epic Games Store because it comes at a time when Steam has chosen not to let blockchain games on its platform. Epic Games Store is using this change to make money in the growing blockchain game industry. Even though CEO Tim Sweeney didn’t want to use blockchain technology in its own games at first, the company has changed its focus to blockchain gaming. But the company now sees how blockchain technology could be used in games. Also, NFTs can be used to decentralize ownership of assets and create digital rarity.
Epic Games Store’s move to blockchain games could lead to a big increase in sales. Also, bringing in a wider range of creators and gamers. In 2022, more than $7.6 billion was put into the blockchain gaming business. The investment shows that businesses that want to explore this space have a bright future ahead of them.
Investments in the Blockchain Gaming Industry
In recent years, a lot of money has been put into the blockchain gaming business. In April 2023, $421 million was put into metaverse projects and blockchain games. Bitkraft got $221 million for its second token fund, which shows that investors are still interested in the gaming business. Krafton and Naver Z gave $37 million to Migaloo and hope for it to become a joint venture based in North America. Scytale Digital put $20 million into Mythical Games, which will move its Mythical Chain to the Polkadot network and build a Mythos environment there.
These investments show that the blockchain gaming business has the potential to grow and change. As more investors realize how valuable blockchain gaming is, more money will be put toward making new games and projects in the metaverse.
In April 2023, the number of trades and sales in virtual worlds dapps went down, and money moved towards meme coins like PEPE. But despite the overall drop, trade volume in The Sandbox went up because of the Mega City 3 Land Sale, which offered more than 250 plots and special asset NFTs to people who bought premium plots. DappRadar says that Topia’s trade volume went up in April 2023, after it had been slow because Minecraft wouldn’t let NFTs or blockchains be integrated into the game.
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