The BGA company presented Blockchain Game Report on the online games market and came to the conclusion that 804 thousand unique users connected cryptocurrency wallets to blockchain-based games in July.
BGA report, the number of wallets registered in games on the blockchain
reached 1.54 million in the third quarter, up 25% from the previous quarter and 509% from the same period last year. The accumulation, exchange and trading of in-game cryptocurrencies with other players have become key drivers of the growth in demand for blockchain-based games. This led to an increased interest of gamers in blockchain games and the “Play to make money” methodology.
A report published by DappRadar highlighted that the growth of the NFT market and the “play to make money” model in games were two of the main factors driving the increase in demand. For example, the popular card game Splinterlands with NFT attracted the largest number of users in the third quarter of this year. In September, 245 thousand users were registered.
BGA, based on its research, concluded that more and more companies from the traditional gaming industry are using blockchain to retain and attract new gamers to their projects. The move from traditional gaming to blockchain gaming platforms with NFT (Game Fi) is inevitable for gaming companies looking to capitalize on player retention.
To effectively attract gamers, they offer an in-game economy as a new model. Crypto Prophecies, Star Atlas and My Crypto Heroes are just a few of the new projects in the gaming industry that have already built an existing loyal player base and are now starting to offer NFTs as in-game assets. The low financial threshold for entry, coupled with gaming and entertainment factors, makes these projects a reliable source of liquidity for the NFT market and the future of GameFi.
This month, the well-known game hosting platform Steam announced that it would ban the posting of games using NFT and cryptocurrencies. Longtime rival Epic Games Store said it would not ban GameFi. Recall that until 2017, Steam supported the crypto industry and even accepted payments in bitcoins, but then refused, citing high fees and volatility of cryptocurrencies.