In a report published by DappRadar, it is shown that unique wallet addresses from the GameFi sector dominate the DeFi sector with 45.60% in this first quarterthis despite the fact that they have had a slight decrease compared to the previous year.
As we have previously communicated, the DeFi sector increased the level of Total Value Locked (TVL), stating that: “The rise in popularity of scaling solutions like Arbitrum, Fantom, and Optimism has contributed to the cause.”, but within that category of the crypto industry, this report reveals that the addresses that have the most interactions within DeFi are wallets belonging to the gaming sector.
Unique wallet dominance in the last 9 months – Source: DappRadar
The blockchain gaming industry has shown an increase in dominance from 42.87% in Q4 2022 to 45.60% in Q1 2023. Although the number of unique daily active wallets interacting with on-chain gaming dapps decreased in March, the industry continues to grow and evolve.
The report indicates that:In March, the number of unique daily active wallets interacting with on-chain gaming dapps was 741,567, a 3.33% decrease from the previous month. Looking at the quarterly performance, there was a decrease of 8.58% compared to the last quarter, where on average 865,783 dUAW were connected. While these numbers may seem disappointing, it is essential to consider that the industry is still relatively new and constantly evolving.”.
Ranking of active wallets by sector – Source: DappRadar
Despite the numbers, the report states that going from 42.87% to 45.60% dominance is positive even though by the third quarter of 2022 there was a 51% dominance, it means that the “Blockchain gaming becomes a more important part of the Web3 ecosystem”.
The report attributes this increase to the launch of the ImmutableX and Polygon partnership.in which you try “pave the future of web3 gaming”. The report indicates that since the association of these two companies, Web3 games have been expanding rapidly and the demand for a scalable and efficient infrastructure has been greater than it existed prior to the association.
They emphasize that: “The partnership introduces a new EVM-compliant zk-rollup powered by Polygon technology called Immutable zkEVM, which will enable developers to create high-quality games that support true asset ownership”.
Immutable zkEVM is an EVM compliant solution for games with enforceable royalty fees, making it easy for game developers to protect and grow their revenue while empowering their communities with asset ownership. This technology dramatically improves the speed of transactions and reduces expensive gas fees while leveraging the battle-tested security of the Ethereum blockchain.
The report reports that Polygon’s scaling solutions have seen widespread adoption, with more than 220.8 million unique addresses, 1.18 million smart contracts created, and 2.48 billion transactions processed in total.
Ranking of protocols used in the GameFi sector – Source: DappRadar
The report points out that the Polygon network had a 29% increase in adoptionand that has managed to position it in third place among the most used protocols in the gaming sector.
Effects of the association on the ecosystem
According to the report, with this association developers can migrate their games and smart contracts from Ethereum, Polygon and any other EVM compliant solution to the Immutable suite of products, without any modification. This unlocks everything developers need to take their game from concept to reality, adding custom smart contracts, rich economies and on-chain functionality.
They further report thatutility is key and there are big plans ahead with the introduction of Immutable zkEVM. Upon launch, IMX will be used as the gas for Immutable zkEVM, becoming the native network token and representing the utility equivalent of most current L1 blockchains. Additionally, 20% of transactions on the Immutable platform, regardless of rollup, must be paid in IMX. This fee utility will increase significantly as it expands to all new Immutable zkEVM environments and applications, ultimately creating more rewards for IMX holders.”.
web3 games are differentiated from traditional games by the true ownership of in-game assets. This means that players can own their assets and trade them freely., which has made the web3 game industry a constantly growing market. However, the report indicates that prior to the introduction of Immutable zkEVM, creating high-quality web3 games was difficult and expensive.
Finally, they indicate in the report that investments also grew in this first quarter, going from 654 million dollars, to 739 million dollars.
Investment in Blockchain games in the first quarter of 2023 – Source: DappRadar
A total investment of $739 million was injected into blockchain games and metaverse projects in the first quarter of 2023, an increase of 12.95% over the previous quarter’s investments.
All these situations have made it possible for the GameFi sector to regain dominance in the DeFi sector, with games like Alien Worlds and Splinterlands as protagonists, on the one hand, and on the other hand, the Polygon solution.
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