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DappRadar: Gaming Accounts For More Than 50 Percent of Blockchain Industry Usage

03 Sep 2022 By: Shikha Jha
DappRadar: Gaming Ac

New data from DappRadar suggests that gaming is still 

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.

Dominance of DeFi and Games in Industry UAW

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.

Read also: What is malicious DApps warning feature, Coinbase improves security?