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Decentralized finance (DeFi) is about to be overtaken by blockchain games as the number one contributor to decentralized application (DApp) activity in terms of uniquely active wallets.
A new 18-page report by DappRadar reveals that although still far behind the traditional gaming industry, blockchain games, also referred to as GameFi, have seen an early spurt of exponential growth.
“The evolution of blockchain games” report, which discusses play-to-earn (P2E) in terms of a paradigm shift for gaming, details how the model gained traction during Covid-19, providing a base income for a large group of players.
Some of the key players in the space are Wax’s Alien Worlds, Axie Infinity, Decentraland, Splinterland and Upland.
The research shows that despite considerable resistance from the traditional gaming industry and mainstream media, there is hope. Changing the press coverage and improving public understanding of blockchain technology and the possibility of robust ownership of in-game assets like non-fungible tokens, could prepare GameFi for mainstream success in the long run alongside metaverse adoption. The report concludes:
“The horizon for blockchain games is opening up quickly.”