Web3 gaming on blockchain dominates as the crypto sector faces regulatory uncertainty, report finds
Law enforcement organizations and governments worldwide are improving their control of the cryptocurrency industry. Blockchain gambling is retaining its footing despite regulatory uncertainty trembling the cryptocurrency industry. According to a new quarterly industry study by DappRadar, the blockchain gaming business is the most dominant part of the Web3 globe and is mostly unaffected by current market instability. Blockchain games held a 37% market share of the dApp industry between April and June.
Blockchain gaming is gaining popularity within the community because it enables Web3 components like NFTs to provide a more immersive experience and allows players full ownership of the in-game items they buy. These assets, which players may sell or rent to make money, can include virtual tools, weaponry, 3D costumes, and props. According to DappRadar’s analysis, blockchain gaming dominated the whole Web3 market by 45% between January and March, with a tiny decline in the second quarter.
Data indicates a dynamic sector responding to and adapting to new possibilities and challenges in the blockchain area. Daily Unique Active Wallets (dUAW) interacting with dapps on-chain increased by 7.97% from Q2 2022 to Q2 2023. This gain is a positive indication of a market rebound. The rise in dUAW indicates that users are still using and adopting dapps. According to a recent survey from DappRadar, the gaming industry continues to rule. In fact, with a 500% rise in active users on decentralized gaming platforms between 2018 and 2020, blockchain gaming has become one of Web3’s fastest-expanding tributaries. Blockchain gaming is becoming increasingly popular in Asia, attracting the attention of business leaders.
The largest portion of the gaming industry’s income is produced in Asia. The Asian countries of India, China, Japan, and South Korea have a combined population of over 1.7 billion video game gamers, according to DappRadar’s prior study report. China’s Alibaba Group recently partnered with Switzerland’s Near Protocol to provide blockchain game developers support for creating games on decentralized networks.
The DappRadar research stated that DeFi protocols have had a seven percent decrease from the prior quarter to contrast the excellent success of blockchain gaming over other Web3 industries. The market for digital assets, which includes cryptocurrencies and NFTs, did see a noteworthy decline due to the SEC’s examination of cryptocurrency players in the US and ongoing interest rate increases. The continuous instability in the industry may have contributed to the 38 percent decline in the NFT market alone between March and April of this year, according to DappRadar.
