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Assessing gaming dApps’ popularity amid broader market drawdown

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Web3 gaming projects attracted $739 million in investment in Q1 2023, representing a 12.95% increase from previous quarter investments.

Assessing gaming dApps' popularity amid broader market drawdown

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  • Alien Worlds, Farmers World and Splinterlands were the top blockchain games in terms of user activity.
  • 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%.

Source: DappRadar

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, Farmers World and Splinterlands were the top games in terms of user activity having a combined tally of more than 374 UAWs.

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.

Burgeoning ecosystem

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.

Source: DappRadar

The dominance of Asia

Another research from DappRadar noted the growing dominance of Asia in the global gaming landscape. According to the findings, the Asian Market had a whopping 1.7 billion players in 2022, equating to 55% of the global user base.
East Asian nations like China, Japan, and South Korea dominated the gaming industry, housing over 60% of the world’s top gaming companies.

Source: DappRadar

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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