- 2022 was a pivotal year for the surge of blockchain gaming.
- Factors, including the rise of DeFi within the gaming community, drove this growth.
The decentralized applications (dApps) ecosystem witnessed substantial growth in 2022. Available data shows the industry recorded 2.37 million daily unique active wallets (dUAW), up 50% from the 2021 figure of 1.58 million. Much of its growth came from the blockchain (BC) gaming sub-sector, which also realized impressive growth.
According to a CryptoMonday.de report, BC gaming accounted for 49% of all dApp industry activity. The site has provided data that shows BC gaming attracted 1.15 million dUAW and a transaction count of 7.4 billion. These dUAW figures represented an 85% jump from the sub-sector’s 2021 figures of 662 thousand.
The Perfect Setup for Blockchain Games Development
CryptoMonday’s CEO Jonathan Merry attributes the surge in BC gaming activity to several factors. Merry suggests:
CryptoMonday’s CEO Jonathan MerryThe explosive growth of blockchain games in 2022 can be attributed to several factors, including the rise of play-to-earn models (P2E), the increasing popularity of NFTs, and the growing interest in decentralized finance (DeFi) within the gaming community. These factors, combined with the unique advantages that blockchain technology offers, have created the perfect setup for blockchain gaming to emerge as a dominant force in the dApp ecosystem.
Merry reckons the BC gaming sub-sector can only grow as more players discover these benefits. He predicts BC gaming to continue driving innovation and growth in the broader dApp ecosystem.
Dissecting the Factors Behind the Growth in BC Gaming Market Share
Among the factors behind the surge in BC gaming numbers is the embracing of NFTs, which are unique digital assets representing virtual and real-world items such as art, virtual land, and in-game items. These tokenized game assets facilitate digital ownership and enable players to trade them, unlocking new gaming economies.
NFTs have created a paradigm shift in the gaming industry by adding value to in-game possessions and allowing users to earn from their activities, leading to tremendous growth in blockchain gaming development.
Smart Contracts and Blockchain Gaming
Additionally, smart contracts have played a pivotal role in expanding BC gaming. These support the creation of sophisticated gaming mechanics, automate transactions, and ensure digital trust among players. Gaming utilizing smart contracts provides a secure, transparent, and equitable experience, luring more developers and players into the ecosystem.
Further, the growing popularity of BC gaming development has led to the creation of dedicated blockchain-based gaming platforms. These provide developers access to blockchain development infrastructure to build and launch their games. Such platforms have eased the design and deployment of BC games, contributing to the sector’s overall growth.
The Role of P2E and DeFi Mechanisms in BC Gaming
Likewise, P2E mechanisms have found widespread adoption in blockchain gaming. These reward users with cryptocurrencies or tokenized game assets for playing and progressing within the game. Thus, they have added incentives for user engagement with cryptocurrency games.
Finally, BC gaming has also tapped into the potential of DeFi by integrating it into the gaming experience. This combination of DeFi and gaming creates seamless and accessible options for exchanging digital assets and earning returns based on gameplay. DeFi’s financial mechanisms for in-game purchases and tokens have opened new opportunities for players and developers.
