Gaming Takes Up More Than Half Of Blockchain Industry Usage

A recent report revealed that the gaming sector contributed about 51% of the activities in the blockchain industry with hundreds of millions in transactions. This represents the numbers in August.

According to the data from DappRadar, gaming is gradually beginning to play a very important role in the blockchain industry.

Although the percentage is evidence that the sector is doing well in blockchain, it represents a decrease from the numbers recorded the previous month. According to the data in July, the gaming sector represents about 57.3% of the industry usage month-over-month (MoM).

Gaming Seen As Gateway To Crypto And Web3

The data released by DappRadar is coming from the daily Unique Active Wallets (UAW). Based on the report by the surveyor, there are close to 850,000 gaming-related UAW active daily with about $698 million in transactions.

Gaming has generally been seen as the gateway to the world of crypto, blockchain, and Web3 technology. In another research conducted by ChainPlay, it was highlighted that 75% of the 2,428 surveyed GameFi investors said they entered the blockchain space on the premise of gaming. Several other researchers have linked gaming to blockchain technology. As it stands, many blockchain companies are now designing their platforms to cater to the needs of the gaming industry.

The Web3 Sector Has Also Attracted Long-Term Legacy Gaming Firms

GameFi investors are not the only ones that believe in the sector as an advocate for mass adoption. A recent panel at the Korean Blockchain Week 2022 shows how experts are linking GmeFi and crypto together. According to the experts, both sectors naturally go together.

Additionally, there have been major speculations that most gamers will have an in-game crypto economy within the next few years. There have also been rumors that there will be an in-built crypto economy soon.

The Web3 sector has also attracted long-term legacy gaming firms. Recently, Xbox stated that it is optimistic about metaverse gaming, although it’s still having reservations about plat-to-earn (P2E) crypto games.

In recent research, cybersecurity firm Hacken noted that several projects within the GameFi industry do not take security as a priority. This makes them susceptible to hacks. One of the examples of such security lapses is the Ronin token hack from Axie Infinity in March, where $600 million was stolen