- Web3 gaming industry investments increased by 12.95%, reaching $739 million in Q1 2023, demonstrating a bullish sentiment for the industry’s future despite decreased Unique Active Wallets
- Polygon saw a 29% growth in UAW numbers while BNB Chain experienced a 36% decrease in UAW numbers
- Web3 gaming accounted for 45.6% of total UAWs, showing a shift that opens up more growth opportunities as blockchain technology is adopted in the industry
The Web3 gaming industry is showing a bullish sentiment for the future, despite a decrease in Unique Active Wallets (UAWs). According to the latest report from DappRadar, UAWs experienced an 8.58% drop in the first quarter of 2023 compared to the previous quarter. However, investments in Web3 gaming rose significantly by 12.95%, reaching $739 million.
Of all gaming chains, Polygon (MATIC) and Klaytn (KLAY) saw an increase in their UAW numbers, with MATIC recording a 29% growth and KLAY achieving 15,000 UAWs during Q1 2023. On the other hand, BNB Chain (BNB) suffered a 36% loss in their UAW count. Hive (HIVE) and EOS (EOS) also saw a 20% and 18% decline, respectively. However, with this decrease in UAWs, WAX (WAXP) was still able to maintain its leading position as the most prominent gaming chain in Q1 2023.
The shift increased the dominance of Web3 gaming which accounted for 45.6% of UAWs during Q1 2023 – up from 42.87% in Q4 2022. This is a testament to the increasing adoption of blockchain technology in the industry and suggests that there will be even more growth opportunities for Web3 gaming over time.
The Great Divide Between Gamers and Blockchain Supporters
The debate between traditional gamers and blockchain supporters regarding the future of gaming has been ongoing for years. On one side, traditional gamers argue that Web3 gaming is dead and blockchain technology has no place in the gaming industry. On the other side, blockchain supporters argue that Web3 gaming is the future and its technology will revolutionize how people play games.
Traditional gamers argue that Web3 gaming lacks the essential elements of a good game. They claim that blockchain technology needs to be simplified for the average gamer. Traditional gamers also criticize the lack of quality graphics, gameplay, and storylines in Web3 games, especially with a track record of lackluster games since 2021, with “play-to-earn” as the main selling point and not the essence of what makes a good game. They argue that Web3 games rely too much on blockchain technology and not enough on the game itself.
On the other hand, Blockchain supporters argue that Web3 is the future of gaming. They claim that blockchain technology can bring players and developers transparency, security, and ownership. They say that blockchain technology can revolutionize how gamers play games by allowing them to truly own their in-game assets and earn real money by playing.
The contradiction between traditional gamers and blockchain supporters regarding the future of gaming continues to rage on, as seen on social media. While traditional gamers focus on the quality of the game itself, blockchain supporters argue that the technology behind the game is just as important. As the gaming industry continues to evolve, only time will tell which side will ultimately come out on top.
