According to decentralized app ranking platform DappRadar, blockchain-based games are “here to perpetuate” in the crypto space. According to Q3 reports by the site, half of active cryptocurrency wallets depend on blockchain-based games.
DappRadar says in its new update in the third quarter of 2021, play to win (P2E) games are increasing interest in the crypto subsector. According to Binance Academy data, P2E games are defined as games that allow players to earn tradable crypto and/or immutable tokens (NFT) to generate income.
According to DappRadar data, NFT used in-game represents more than 20% of record-breaking Q3 trading volume.
Apart from NFTs, data points in uniquely active wallets (UAW) indicate that blockchain gaming also has a large presence in the overall crypto industry, according to the company.
“The blockchain industry recorded UAW 1.54 million in Q3, growing 25% over the previous quarter and 509% year-over-year. One of the main drivers behind the increase in this metric is blockchain-based games, the report said.
The number of unique active wallets linked to P2E games reached 754,000 in Q3. this number represents 49% of the entire industry.
Blockchain-based game Axie Infinity is a big reason for the increased interest in P2E games, according to DappRadar.
“Axie Infinity is the real catalyst for the play-to-win revolution. The game has grown to impressive levels since Ronin moved to its sidechain. In the third quarter, Axie surpassed “blue-chip” NFT collectibles such as CryptoPunks and NBA Top Shot to become the most traded collection ever.”
Aie has now generated over $2.5 billion in trading volume. 83% of this number occurred in the third quarter alone.
According to CoinGecko, Axie Infinity’s management token AXS is trading at $134.70 at the time of writing and has gained about 105% in the last 30 days.