Games Account For More Than Half Of Blockchain Industry Usage

New data from DappRadar shows that gaming remains an important party to the blockchain industry. According to the report, the games sector accounts for around 50.51% of the industry’s monthly usage (MoM) as of August.

While the numbers are generally a good indicator for the sector, they are down from the previous month. Last month, the game sector accounted for about 57.30% of MoM. The data from DappRadar comes from the Unique Daily Active Wallet (UAW). According to the data firm, about 847,230 game-related UAWs are operating daily with nearly $698 million in transactions.

Source: DappRadar

The game has long been touted as a gateway to the world of Web3, blockchain, and cryptocurrency. Another recent survey from ChainPlay found that of the 2,428 GameFi investors surveyed, 75% said they entered the space solely for gaming.

The established gaming companies in the traditional gaming sector also have an eye on Web3. The head of Xbox even stated his optimism for the metaverse game but has some caution regarding play-to-earn (P2E) crypto games.

According to research from cybersecurity auditing firm Hacken, many projects in the GameFi industry don’t prioritize security and have fallen victim to a major hack. The Ronin token bridge from Axie Infinity was one of the biggest victims, with a $600 million loss in a hack in March.

An analysis of 60 Web3-based games recently found that 40% of users are automated bots or multiple accounts that come from a single entity.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.