Gaming Trend 2023: Yoda Labs and BGA Analysis.
Yoda Labs and BGA share their insights on blockchain gaming trends in 2023. Today we present you their take on 2023 and what we need to expect as a gamer this year in blockchain games. The Web3 industry continues to be powered by gaming, accounting for approximately 50% of all blockchain activity, despite the crypto market downturn in 2022. In 2022, Web3 gaming and metaverse projects attracted US$7.6 billion in investment, a 59% increase from 2021. Of the $7.6 billion invested in the blockchain gaming space, 33.5% went towards blockchain gaming infrastructure, 27.3% was invested in individual gaming projects or metaverse worlds, and 19.1% went to guilds and incubator programs.
Despite the crypto winter, the leading gaming and metaverse projects continued their development. Alpha or beta phases were launched for several prominent metaverse gaming dapps. Illuvium, The Sandbox, Big Time, Axie Infinity Homeland, The Fabled, Phantom Galaxies, Star Atlas, My Neighbor Alice, Treeverse, Mirandus, and many others.
According to the BGA 2022 Member Survey and Report, blockchain gaming industry professionals predict that gameplay enhancements will be the key driver of adoption in 2023. Web3 developers are focusing on making blockchain games more enjoyable and engaging.
Following gameplay improvements, the other two factors likely to drive the industry forward in the coming year are the entry of traditional gaming studios and existing gaming franchises into the Web3 space.
Exploring the Funding Trend in the Blockchain Gaming Industry
The BGA report indicates that funding was the most significant positive factor for the blockchain gaming industry in 2022. 21.3% of respondents agreed to it. Moreover, increased funding and incubation programs support can speed up the growth and development of projects. This will lead to rapid advancements in innovation in the Web3 gaming sector.
Major venture capitalists are investing in Web3 gaming, drawn by its growth, with the aim of capitalizing on the trend. Web3 gaming is emerging as a standalone industry, separate from the broader cryptocurrency market. It serves as a crucial entry point for institutions entering Web3, along with Web2 gaming studios. Examples include Square Enix's partnership with Oasys Blockchain, Epic Games' Blankos, and Mythical Games partnering with Ubisoft as a publisher.
Unpacking the Growth of the Blockchain Gaming Industry: An Analysis
In 2022, the WAX protocol remained the most widely used blockchain for web3 games, attracting an average of almost 350,000 daily users. Hive and BNB Chain followed with 235,000 and 167,000 daily users, respectively.
In 2022, Polygon solidified its position as a blockchain for games. It attracted an average of 97,000 daily users, a 340% increase from the previous year. The growth was driven by game dapps such as Arc8 by GAMEE, Benji Bananas, Crazy Defense Heroes, and Pegaxy.
ImmutableX saw a 250% increase in NFT trading volume, reaching $87 million, compared to the previous year. Gods Unchained ranked among the top 25 most traded collections across all blockchains.
The launch of Axie Infinity: Origins and the introduction of Lunacia in Axie Infinity Homeland fueled $325 million in NFT trading volume for Axie Infinity.
Yuga Labs' Otherside
After its launch on April 30, Yuga Labs' Otherside became the most actively traded virtual world project, overtaking Decentraland and The Sandbox. Otherside saw over $1 billion in trades.
Gala Games ended 2022 with a portfolio of 18 games, including two on Steam and one in the Epic Games Store.
In 2022, Alien Worlds was the most widely played dapp, averaging almost 200,000 daily users. It recorded 4.8 billion on-chain transactions that encompassed gameplay, trading, and DAO activity.
Splinterlands, the Hive-based trading card game, was the second most popular game by wallet activity. It maintained a player base of 160,000 daily users during the latter half of the year. The game also reached significant roadmap milestones, such as the launch of node validator licenses and the release of Runi NFT and Land Deeds.
STEPN initiated the "move-to-earn" concept with a gamified reward system for physical activities. Although STEPN's growth slowed in the 4th quarter, other dapps such as Genopets, Step App, Dotmoovs, and Dustland have followed suit.
If you are looking out for top blockchain websites then check out our article here. These websites provide essential information on various aspects of the Web3 gaming industry. Including game reviews, tokenomics, events, crypto news, and more. By following these top play-to-earn game review websites, you can stay informed and make decisions on play and invest.
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