According to a DappRadar report, play-to-earn games have grown in popularity and increased their user base by over 2000% in the first quarter.
During the first quarter, the user base accounted for 52% of all blockchain activity. The sector’s growth is on the rise, with blockchain gaming receiving 1.22 million unique wallets in March.
The research, issued in partnership with the Blockchain Gaming Alliance (BGA), focused solely on blockchain gaming and highlighted the sector’s growth trends over the previous year.
Ethereum sidechains are a significant contributor.
The popularity of play-to-earn non-fungible token games on Ethereum sidechains is a big factor to this rise.
Pegaxy, Crazy Defense Heroes, Aavegotchi, and Arc8 have contributed to a 219 percent increase in gaming activity in 2022, according to Polygon.
During the first quarter, game Dapps on Ethereum sidechains attracted 114,000 unique wallets per day on average. Meanwhile, in March alone, there were 173,000 distinct wallets every day.
On-chain activity for BNB Chain and Ronin, on the other hand, has dropped since the end of 2021. Only Bomb Crypto and Mobox have seen constant use on BNB Chain. During the first quarter, the network continued to have the highest level of blockchain gaming activity, with 165,000 unique wallets per day.
The Ronin network, which runs the Axie Infinity blockchain and was recently hacked, saw on-chain activity drop to 22,000 unique wallets per day in March, down from 55,000 in January.
Play-to-Earn encounters difficulties.
Despite a “difficult scenario from micro and macroeconomic perspectives,” activity has remained stable, according to the report. It serves as a reminder, if anything, that “interoperability comes with trade-offs.”
In terms of funding, the blockchain gaming and metaverse space received $2.5 billion in the first three months of 2022. According to the analysis, if current trends continue, it might exceed $10 billion.
Meanwhile, the gaming community’s critiques and worries have prevented most incumbent video game businesses from moving into blockchain-based systems. However, the majority of these companies see blockchain gaming as a component of the industry’s future.