A mighty $1 billion was invested in blockchain games in January alone, according to DappRadar’s January blockchain games report.
DappRadar’s report has signalled that mass adoption of blockchain games may be closer than previously forecast. The gamification of DeFi (GameFi) is changing the landscape of how we spend our time at home and January showed the emergence of some big new players.
A standout in the GameFi category was DeFi Kingdoms (DFK), which generated over $1.6 billion in transactions in January alone.
DFK, which provides an authentic gaming experience in its pixelated virtual world, exemplifies the trend of games naturally incorporating DeFi into their playing mechanics.
As of January, DFK holds $775 million and 60% of Harmony’s Total Value Locked (TVL). DFK was the leader in terms of transaction volume in January alone, with 243% more than its nearest rival Axie Infinity.
Gaming Dapps take over
The DappRadar report, which reviews on-chain metrics and macro events, has revealed some staggering progress taking place in the blockchain games category. Namely, gaming dapps now account for 52% of dapp industry activity.
Another rising player in the GameFi category comes from the emerging blockchain Polygon, with Crazy Defence Heroes (CDH) attracting a daily average of over 41,000 Unique Active Wallets (UAW) – doubling the number of players registered in December. CDH, a play-to-earn tower defence game, which is also on mobile, became the second most popular dapp in the network.
Meanwhile, Bomb Crypto continued its remarkable surge for BSC. The blockchain game, inspired by classic gaming franchise Bomberman, had almost 40,000 UAW connected daily in January, surpassing Moblox by 458% in transaction volume.
Even while the price of its native BCOIN drops, Bomb Crypto inexplicably continues to rise, illustrating how it has captured the imagination of the blockchain gaming public.
On a macro level, the rise in blockchain games, as of January 2022, appears to be meteoric. Crucially, the oldest and most popular gaming dapps such as Splinterlands, Axie Infinity and Alien Worlds, are retaining their player base.
Upland, one of the oldest blockchain games of all, improved its usage by 10% in January, proving that the paradigm shift towards GameFi is real and it’s going nowhere.
Spurred on by the COVID pandemic and growing work-from-home culture, many gamers are now turning to GameFi as a potent option for earning additional income during challenging economic times. There are 2.4 billion active users worldwide in the traditional gaming industry, many of whom are exploring this new play-to-earn avenue.
Families earning extra money whilst connecting with their respective gaming communities, playing their favourite games, is becoming a worldwide phenomenon.
That’s why leading gaming and tech companies are increasing their interest in the space and acknowledging the potential of blockchain-based games and their role in the metaverse.