Play to Win Over the past year, blockchain gaming has experienced a decline as gamers have emphasized the quality of their overall gaming experience.

On the other hand, recent research from DappRadar reveals that during the first month of 2023, gamers were responsible for more than half (48%) of all activity on the blockchain.

The market capitalization of the main gaming tokens increased by 122% on average during the month of January. Gala (GALA), the digital utility token of the Gala Games ecosystem, saw a 218% increase in value during this period.

According to the survey, the increased interest in these gaming tokens is a result of industry rumors reaching viewers in major media. For example, Gala Titles made headlines when it announced the acquisition of a new mobile game company that had over $20 million in assets under control, as well as 15 games.

This is due to the fact that blockchain gaming is already a subset of the old business. As blockchain technology becomes more popular, more people will start playing Web3 games, which will eventually go mainstream.

The Wax blockchain still has the most active gaming activity, with 331,000 different active wallets. This is still the case. The BNB chain was the only one of the four major blockchain gaming ecosystems that did not experience growth in the number of gaming protocols between late 2022 and early 2023.

The start of 2023 was marked by increased activity, and robust funding helped set the stage for what many people refer to as the “build” year for blockchain gaming. This word highlights the attention the industry has put into developing games that are more powerful and of higher quality.

According to Gherghelas, the amount of money being invested in this particular sector is “growing dramatically.” Total investments are expected to reach around $7.6 billion in 2022, which is an increase of 105% over 2021. During the month of January alone, investments in the blockchain gaming business reached more than $156 million .

On top of this, the research emphasized just how important the metaverse has been in increasing activity around blockchain gaming this year. The information showed that the January trade volume in games connected to virtual worlds reached $44.5 million, which represents an increase of 114% compared to the amount seen in the previous month.

Although there was a 19% decline in sales, the overall gain can be attributed to the success of key metaverse platforms like The Sandbox and Decentraland, which saw sales volume increase by 114% and 83%, respectively. This was despite the fact that sales fell.

According to research published by DappRadar in 2022, gaming-related blockchain-based transactions on Web3 accounted for roughly half of all transactions in that year.