An important organ in the blockchain industry.
According to the report, the gaming industry accounts for approximately 50.51% of industry usage month over month (MoM), as per August numbers.
While the statistics represent a positive indicator for the industry, they are down from the prior month. Last month, the gaming business accounted for around 57.30% of total industry utilization (MoM).
DappRadar's data is derived from the daily Unique Active Wallets (UAW). The surveyor estimates that there are around 847,230 gaming-related UAW active daily, with roughly $698 million in transactions.
Gaming has long been regarded as an entry point into the worlds of Web3, blockchain, and cryptocurrency. Another recent ChainPlay survey found that 75% of 2,428 GameFi investors entered the sector exclusively for the sake of gaming.
Not just GameFi investors see the industry as a proponent of widespread adoption. Experts claimed GameFi and cryptocurrency go hand in hand during a panel discussion at Korean Blockchain Week 2022. Furthermore, it has been speculated that the majority of games will have an in-game crypto economy within the next few years.
Long-standing legacy gaming companies in the traditional gaming sector are also looking toward Web3. The Xbox CEO even expressed his enthusiasm for metaverse gaming but cautioned against play-to-earn (P2E) crypto games.
According to Hacken, a cybersecurity auditing firm, many projects in the GameFi business do not prioritize security and are due for a major hack. Back in March, the Ronin token bridge from Axie Infinity was hacked, resulting in a $600 million loss in tokens.
Recently an analysis of 60 Web3-based games discovered that 40% of gamers were automated bots or multiple accounts coming from a single organization.