According to a new report from DappRadar, in the first month of 2023, “blockchain games” accounted for nearly half (48%) of all blockchain activity. January also saw a 122% average increase in the market capitalization of top gaming tokens, led by Gala (GALA), the digital utility token of the Gala Games ecosystem, up 218%.
According to the report, The growing interest in these gaming tokens comes from industry trends. Gala Games, for example, made headlines after acquiring a new mobile game studio with more than $20 million in assets under management and 15 games.
Sara Gherghelas, a blockchain analyst at DappRadar, said that based on on-chain metrics over the past two years, it is considered correct to assume that “Blockchain gaming” remains an important sector in the industry.
“As blockchain becomes more popular, It will bring more acceptance in Web3 games, which will then become mainstream.”
Wax blockchain has the most active gaming activity. With 331,000 active wallets, the top three blockchain gaming ecosystems all have more gaming protocols from late 2022 to early 2023, with the exception of BNB Chain.
The report also highlights the growing role of the metaverse in blockchain gaming activity this year. The data reveals January trading volume in virtual reality-related games reached $44.5 million, up 114% from the previous month.
Although sales were down 19%, the overall growth was driven by the success of major metaverse platforms such as The Sandbox and Decentraland, with trading volume increasing 114% and 83% respectively.
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