Blockchain Game Market Dynamics

Market Drivers: shift from traditional games to blockchain-based games. Traditional games are centralized, which means all the items, including characters, skins, weapons, and even coding and experience gained while playing, cannot be used in other gaming projects. On the contrary, blockchain gaming enables players to own in-game digital assets. Gamers can now use rewards and in-game items across different crypto-gaming projects.

Market Restraints: the regulatory frameworks surrounding cryptocurrencies and NFTs might discourage gamers and developers from exploring blockchain games to their full potential.

Market Opportunities: Unique active wallet trends. The standard measurement for the DappRadar (DappRadar is the number one platform for dApp discovery, which gives users access to applications across blockchain ecosystems. For each dApp. DappRadar tracks the unique Active Wallets (UAWs), the number of transactions, and the volume of those transactions) Rankings are the UAW. This key metric shows which app has the most user wallets interacting with it and therefore sits on top of the charts. The growing number of UAWs is expected to hold immense opportunities for the market to grow in the future. As per findings from DappRadar, blockchain games registered 912,000 (8% month-on-month) Unique Active Wallets (UAWs) interacting with games' smart contracts in the quarter that ended in September 2022, which represented 48% of all blockchain-industry UAWs. In-game NFTS generated sales of USD 2.32 billion during that same period, which represents 22% of total NFT trading industry-wide. Alien Worlds and Splinterlands remain the two, most played Web3 games. In Q3 September 2022, Alien Worlds became the most played blockchain game with 190,770 average daily UAWs. an increase of 14% from Q2. Splinterlands is the second most played blockchain game this quarter, with 159.522 average daily UAW, a 47% decrease from Q2. Similarly. due to a P2E gaming tournament featuring significant in-game NF'Ts for winners, the Polygon-based Benji Bananas. a game produced by Animoca Brands, climbed the rankings during the same quarter attracting over 29,000 daily UAWs, a rise UAWs of over 2,400% in September.

Market Challenge: The major challenge for the mainstream acceptance and adoption of blockchain gaming is the lack of knowledge of its underlying technology: the blockchain. Blockchain technology is currently one of the hottest and most intriguing technologies in the market. However, end users are still facing some challenges in understanding the technicalities of the blockchain concept. This technology provides enormous benefits; however, even after many blockchain solution vendors have entered the market, the adoption of blockchain solutions is still not up to the mark. Enterprises adopting this technology need skilled staff that has in-depth knowledge of blockchain networks and blockchain applications. While people might have heard about blockchain and NFT technologies, they are not quite aware of their benefits of these.