Cryptocurrencies News Today

Data analytics firm DappRadar and the Blockchain Game Alliance (BGA) have just published their August 2022 review of the gaming industry. The report states that in August, an average of 847,000 Unique Active Wallets (UAW) per day were engaged in blockchain-based gaming. Though it's down from the previous month by 11%, this number still represents well over half of the total utilization in the blockchain sector. The cumulative trading volume of NFT games climbed by 13.25% over July, another strong signal. Despite the current economic downturn, over $750 million has been raised for Web3 games and metaverse projects since August 1. Axie Infinity rebounds as Splinterlands hits 3 billion games Over 1.3 million gaming-related NFTs changed hands during the period under review. That represents an increase of 83.36% from the previous month's numbers. When it comes to daily wallets, Axie Infinity's on-chain player base has settled at around 36k, which bodes well for the game's performance. The game's NFT collection earned $4.24 billion in August, with CryptoPunks coming in second at $2.92 billion. Splinterlands, a play-to-win trading card game powered by the Hive blockchain, also had a pivotal month in August. Only a few months after the game achieved 2 billion users in March 2022, it reached 3 billion battles played, suggesting continuing growth in player engagement. The DappRadar report also shows that the average number of Spinterlands wallets with active users per day has risen by 14% month over month, to 168,000. The rising popularity of move-to-earn More and more people are using move-to-earn (M2E) apps, and those people come from all walks of life and demographics. Reward motivation for physical exercise is attracting thousands of people. STEPN is among the most widely used "move-to-earn" decentralized applications (dapps). In addition, there are more than 3 million unique users on the network per month, and over 700,000 pairs of shoes have been mined. Sweatcoin, another leading M2E platform, has just revealed plans to launch its own digital token, SWEAT, in partnership with DAO Maker. The intention behind its IDO is to make it easier to integrate Sweat Economy into the larger Web3 network. Everyone from casual joggers to world-class athletes are using move-to-earn apps. It may be argued that they have a far-reaching impact on people's relationships with exercise and the cryptocurrency industry. Gaming money keeps coming in In August, there was no shortage of new blockchain gaming partnerships or financial backing. There was an additional $748 million collected in August. That was a 135% rise from July but still a 16% drop from June. Notable among these investments is the $200 million that Gabriel Leydon, the ex-CEO of Machine Zone, raised for a new blockchain startup called Limit Break. While venture capitalists have historically dominated the industry, a notable new player has emerged. Temasek, the state investment fund of Singapore and the world's largest investor, has poured $100 million into Animoca Brands through convertible bonds. In terms of funds use, infrastructure received 38% of the total investment money, gaming and metaverse projects 33%, and investment firms 27%. An estimated $3.1 billion was invested in blockchain-based gaming during the preceding quarter. Forecasts for this year's overall investments in this expanding sector have risen by 20% to an estimated $10.2 billion. Greater focus needed on mobile platforms Blockchain mobile games are starting to attract the interest of investors due to the potential platform benefits. Most of the credit for this goes to innovations in technology. Tech breakthroughs have made it possible to produce smartphones with impressive processing speeds and other features. Poor user experience on mobile platforms leading to low retention has been one of the primary impediments to the development of games. Mobile versions of the most popular blockchain games are now widely available, including Axie Infinity, Upland, Gemeta, Splinterlands, etc. Nevertheless, only about 12% of web3 live games can be played on mobile devices, as reported by Mirror World. This means that mobile could be the next big frontier for gaming companies. Ethereum loses stake When looking at protocol markets, Ethereum's value dropped by 14.40% to $11 million. By contrast, Solana's monthly growth was 171%, to $1.7 million. Ronin's overall trading volume has hit $8.2 million, representing a 27.64% month-over-month gain.