According to a new DappRadar research the blockchain gaming business has grown as a force to be concerned with as it surpassed both the decentralized finance (DeFi) market and the non-fungible token (NFT) ecosystem .
Despite the cryptocurrency volatility and the implementation of stronger laws in the United States and other nations the gaming industry has remained sturdy and maintained its supremacy in the blockchain economy until 2022.
Rise of Gaming DApps
According to DappRadar’s research 37% of blockchain apps (DApps) are games . Gaming DApps even represented for 45% of the whole market in the first quarter of 2023. With an outstanding growth rate of over 8% this rise in popularity has resulted in a huge increase in the number of wallets actively sending and receiving cash on a daily basis .
DeFi Market Holds Steady
While gaming services have felt significant growth the DeFi market also showed its strength in the last quarter. DeFi DApps’ market share increased from 23 % to 32 % despite a decline of over 7 % in the total value of digital assets locked in protocols amounting to $77.6 billion.
NFT Ecosystem Faces Challenges
The NFT ecosystem on the other hand suffered significant setbacks between April and June. The sector’s turnover has dropped by over 40% to $2.9 billion . Despite recent setbacks the NFT industry continues to innovate and adapt in order to regain momentum.
Ethereum Dominates, Binance Chain and Polygon Follow
Ethereum is still the most popular blockchain for hosting DApps. Although its market share has decreased by about 2% Ethereum still has a strong position in the sector . Binance Chain and Polygon networks follow behind which shows their expanding importance and usage.
As the gaming sector continues to outshine other blockchain industries it signifies a remarkable shift in the landscape of decentralized technologies. With its robust growth and innovative potential blockchain gaming is poised to reshape the future of entertainment and redefine the possibilities of digital economies .