The number of active wallets in blockchain gaming has decreased by 8% in Q1 of 2023, according to industry reports. This decline indicates a shift in user behavior and preferences within the gaming world. Developers will need to carefully monitor this trend and adapt their strategies accordingly to remain competitive in the market. As blockchain gaming continues to gain traction and adoption, it is crucial for companies to stay ahead of the curve and continue to innovate. Despite this setback, the future of blockchain gaming remains bright with the potential for new technologies and experiences to enhance the overall gaming experience.
In the first quarter of 2023, the number of unique active wallets (UAW) in blockchain gaming decreased by 8.58%, according to a report by DappRadar. Despite this decrease, investments in Web3 gaming increased by 12.95% and reached $739 million.
Web3 Gaming remained dominant in spite of the slight decrease in UAW count. Web3 gaming industry’s UAW count rose to 45.6%, while DeFi, social and NFT industries recorded a decrease in their UAW count. The dominance of Web3 gaming therefore increased by 2.73% compared to the previous quarter.
Most gaming chains reflected the decrease in Web3 gaming’s UAW counts except for Polygon (MATIC) and Klaytn (KLAY). MATIC emerged as the leading gaming blockchain with a 29% increase in UAW counts, reaching 122,000 in Q1 from 94,000 in the previous quarter. On the other hand, KLAY established a firm ground as a gaming blockchain by increasing its UAW count to 15,000 in the first three months of 2023.
BNB Chain (BNB) recorded the most significant loss in UAW count, shrinking by 36% from 138,000 in Q4 2022 to 87,000 in Q1 2023. Hive (HIVE) and EOS (EOS) followed with losses of 20% and 18%, respectively. WAX (WAXP) retained its position as the most prominent gaming chain in Q1 despite recording a 1.76% decrease in UAW count.
Investments made in Web3 gaming increased to $739 million in Q1, marking a 13% increase compared to the $654 million collected in the previous quarter. However, the current investment amount falls short of the $1.22 billion invested in the Web3 gaming space in Q3 2022.
Overall, despite the decrease in UAW counts in blockchain gaming, the industry is still showing bullish indicators, especially in terms of investments made. The industry’s potential is expected to be long-term, as it continues to demonstrate its growth prospects to investors.