Assessing gaming dApps’ popularity amid broader market drawdown
- The Web3 gaming industry registered a significant decline in activity throughout April.
After an impressive performance in Q1 2023, the Web3 gaming industry registered a significant decline in activity throughout April.
As per data from analytics firm DappRadar, the blockchain gaming landscape consisted of 546,458 unique active wallets (UAW) as of 26 April, a reduction of 28% from the last month.
The volume, or the incoming value to gaming dApps’ smart contracts, also recorded a monthly drop of 35%.
However, despite the lull in the broader market, some gaming dApps continued to gain popularity, which were highlighted by DappRadar.
State of blockchain gaming
Blockchain technology is incorporated into the mechanics or backend of blockchain games. Players’ ability to store objects on the blockchain is one feature promoting the acceptance and application of blockchain technology in games.
Alien Worlds, especially, boasted of more than 238k wallets at press time, an increase of 0.35% in the last 24 hours. Farmers World and Splinterlands also logged decent growth in their user activity.
Some other players also jumped onto the scene. Ultimate Champions, a fantasy football game, saw its UAWs surge 255% over the previous week. SecondLive on the BNB Chain recorded a monthly increase of nearly 50% in its user base.
Additionally, DappRadar pointed towards new games like Terracore and Dungeon Worlds which could gain traction in the days to come.
According to a previous report from DappRadar, Web3 gaming projects attracted $739 million in investment in Q1 2023, representing a 12.95% increase from previous quarter investments.
Q1 2023 held an average of 791,474 daily UAW, a decrease of 8.58% from Q4 2022.
The report also outlined a bullish sign of growth for the industry, with an increase in dominance from 42.87% in Q4 of 2022 to 45.60% in Q1 of 2023.