NFT gaming generates $2.23 billion in Q3 revenues, make up 22% of Trade Volume

According to a report published by the Blockchain Gaming Alliance, NFT games have generated $2.32 billion in third-quarter revenues this year.

The report states that roughly 22% of all trade volume in the NFT industry comes from blockchain gaming. With the majority of revenues coming in the months between July and September. These games often make use of smart contracts or e-wallets that can track players’ activity in-game, the report mentioned that there is a “6,566% increase in daily unique active wallets.”

Additionally, the report highlights Metaverse-related activities as the market cap for virtual land reached $4.6 billion with sales up to $42.6 million last November.

Furthermore, the report cites that there have been significant investments in the blockchain gaming industry. Animoca Brands, a Hong Kong-based game software company, raised $88 million in May, $138 million in July, and $65 million in October. The company has since reported a valuation of $2.2 billion, double since its last financial reports.

Dapper Labs have also announced that they have achieved $230 million in sales with its NBA Top Shot project. Meanwhile, Pokemon-inspired NFT battling gaming Axie Infinity currently holds the record as the highest NFT sales with almost $4 billion all-time sales.

DappRadar co-founder, Dragos Dunica, is optimistic that growth will continue as the metaverse is constantly becoming more mainstream.

“The user growth of blockchain games will lead to something bigger and “potentially all-encompassing, the Metaverse,” said Dunica.

With the rising interest in the metaverse, companies have started taking a more serious look at the industry. In China, despite the disdain from the government about NFTs and virtual assets, companies have raced to register metaverse-related trademarks. Over a thousand companies applied to register 8,534 metaverse trademarks by Sunday.

Source:  Cointelegraph