Blockchain games look set to overtake DeFi as the number one contributor to DApp activity in terms of uniquely active wallets. A new report by DappRadar analyzes its rise. Access the report through the Cointelegraph Report Terminal.
Blockchain games are set to overtake decentralized finance as the number one contributor to decentralized application activity in terms of uniquely active wallets. A new 18-page report by DappRadar surveys the nascent ecosystem behind this rise.
“The evolution of blockchain games” report, which discusses play-to-earn as a new paradigm for gaming, is available on the Cointelegraph Report Terminal to purchase. It details how the play-to-earn model gained traction in the COVID-19 pandemic when players from emerging economies were seeking new sources of income. In Q2 of 2021, which was notable for a quarter-over-quarter growth of 503%, Wax’s successful space mining game called Alien Worlds was one of the main profiters.
DappRadar also breaks down the development of GameFi on different layer-1 ecosystems. Some games have grown large enough to sustain their own blockchains such as Axie Infinity with the Ronin blockchain, DeFi kingdoms with the Harmony Protocol or Splinterlands with Hive. Moving to dedicated chains may be a way for blockchain games to deal with scalability issues that still plague some projects.
For example, Polygon, which was developed as a layer-2 solution to deal with Ethereum’s notorious scaling problems, has not been entirely able to withstand the transaction volume generated by GameFi. At the start of this year, it suffered heavily under the agriculture game Sunflower Farmers and saw transaction fees spike to 500 Gwei. Although such technical teething problems will concern developers in the space for some time, the overall conclusions of the report are positive.
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