The gaming sector accounts for nearly 51% of the activity in the blockchain industry with hundreds of millions in transactions, according to August data.
New data from DappRadar suggests that gaming remains a vital organ to the blockchain industry. According to the report, the gaming sector accounts for approximately 50.51% of industry usage month-over-month (MoM), as per August numbers.
While overall the numbers are a good indicator for the sector, it is a decrease from the previous month. Last month, the gaming sector made up approximately 57.30% of industry usage (MoM).
The data from DappRadar comes from the daily Unique Active Wallets (UAW). According to the surveyor, there are around 847,230 gaming-related UAW active daily with nearly $698 million in transactions.
Gaming has long been touted as a gateway to the world of Web3, blockchain, and crypto. Another recent survey from ChainPlay highlighted that of 2,428 surveyed GameFi investors, 75% said they joined the space solely on the premise of gaming.
It’s not just GameFi investors that believe in the sector as a proponent for mass adoption. In a panel at Korean Blockchain Week 2022, experts said GameFi and crypto naturally go together. Moreover, there was speculation that the majority of games will have an in-game crypto economy within the next few years.
Long-time legacy gaming companies in the traditional gaming sector also have their eyes on Web3. The head of Xbox even stated his optimism toward metaverse gaming, but with some caution toward play-to-earn (P2E) crypto games.
According to research from the cybersecurity auditing firm Hacken, many projects in the GameFi industry don’t prioritize security and are overdue for a major hack. The Ronin token bridge from Axie Infinity was one of crypto’s largest hacks with a $600 million loss in tokens back in March.
Recently in an analysis of 60 Web3-based games, it was found that 40% of users were automated bots or multiple accounts coming from one single entity.