Thursday, June 20, 2024
HomeCryptocurrenciesBlockchain Gaming Continues to Dominate DeFi Despite Decrease in Activity

Blockchain Gaming Continues to Dominate DeFi Despite Decrease in Activity

On-chain gaming accounts for 45.43% of the decentralized application (dApp) industry, making it the largest contributor to the sector. However, gaming-related Daily Unique Active Wallets (dUAW) recorded a 12.33% decrease in February, according to a recent report from DappRadar.

As of the end of February, 752,735 dUAW were recorded on-chain, despite the decrease in overall activity. Two games, Oak of Peak and Trickshot Blitz, increased their on-chain user counts, indicating potential growth in the gaming sector. Additionally, Unity, a leading game developer, has recently entered the field by offering 13 blockchain-based software development kits (SDK).

The report notes that the decrease in dUAW numbers is consistent with previous years, as February tends to be a slow month for the industry. Despite gaming still accounting for nearly half of the industry activity, its dominance decreased from January’s 48% to 45% in February. This reduction rewinds the growth recorded in January, returning the dominance rates to those of December 2022.

However, gaming continues to hold absolute dominance over DeFi, which recorded an increase in dominance rates, reaching 24% in February from January’s 21%. Nonetheless, DeFi’s 24% remains less than half of gaming’s 45%.

Against the Tide

The decrease in dUAW numbers reflected on all major gaming blockchains, except for WAX (WAXP). In February, WAX increased the number of its dUAWs to 342,764, marking a 3.26% increase. However, all other major chains recorded decreases in February, with HIVE (HIVE) recording the most significant shrink at 36%. Polygon (MATIC), BNB Chain (BNB), and EOS (EOS) also decreased by 35%, 12%, and 3.44%, respectively.

Despite the overall decrease in activity, the game Oath of Peak showed a strong performance in February, increasing its monthly UAW (mUAW) by 136% to reach 88,090. Trickshot Blitz was another game that recorded growth during February, increasing its mUAW to 84,160, marking a 49% increase from the previous month. Finally, Farmers World managed to resist the overall decrease in February by recording a 4% growth in its mUAW.

Bullish with SDKs

The report also notes a newly emerging trend within blockchain gaming: SDKs. According to Alchemy’s Q4 data, Ethereum (ETH) SDKs grew by 87% in 2022. Additionally, a 16% increase was recorded in installs during Q4 compared to Q3 of the same year.

In conclusion, while the decrease in dUAW numbers in February may be concerning for the gaming sector, the industry still dominates the DeFi space. With the emergence of SDKs and potential growth in certain games, the gaming industry may continue to hold its position as the largest contributor to the dApp industry.

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Disclaimer: The information provided on coinvinance.biz is for educational and informational purposes only and should not be construed as financial advice. Coinvinance.biz does not provide any investment advice or recommendations. Any investment decision you make is solely your responsibility. Please conduct your own research and consult with a licensed financial advisor before making any investment decisions. Coinvinance.biz is not responsible for any financial losses that may result from your use of the information provided on this website.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_imgspot_imgspot_imgspot_img

Most Popular

Recent Comments