Polygon Ranks as the second Largest Blockchain Gaming Network in the market

2023-04-27, 09:12

[TL; DR]

According to Polygon crypto news, the blockchain is now the second largest gaming network after it recorded a 53% increase in active wallets in March.

WAX, the blockchain that hosts several web3 gaming platforms, is the number one ranked gaming network.

Yuga Labs is a key player in the gaming industry as a result of its continued innovation and new partnerships.

Crypto lovers can purchase Polygon’s native cryptocurrency, Matic, on Gate.io, a centralized crypto exchange.

Introduction

For the past three years the blockchain based gaming sector has been expanding significantly. We have seen many decentralized games being introduced year by year on several networks. In the past, many blockchain games existed on the Ethereum blockchain. Now, there are several blockchains such as Polygon and WAX that host different games. Today, we explore how the blockchain gaming sector performed in Q1, 2023.

Overview

The on-chain activity measured by unique active wallets (UAW) shows growth in blockchain based games. Unique active wallet refers to the digital wallets which interact with a decentralized application such as gaming protocol. This does not mean that the wallet should be active on a daily basis but accesses a smart contract from time to time during a period like one month.

The change in the unique active wallets (UAW) indicates an increase or decrease in activities of a certain smart contract like a gaming protocol. According to DappRadar, there was a 3.33% decrease in the unique active wallets connecting with blockchain dapps in March as compared to February.

However, the blockchain based gaming sector was bullish within Q1, 2023 since there was an increase in its dominance from “42.87% in Q4 of 2022 to 45.60% in Q1 of 2023” as the following graph indicates.

As observed there was a 46% increase in the UAW in the first quarter of 2023.

Blockchain gaming leaders for Q1, 2023

During the first quarter of 2023 several gaming platforms like Alien Worlds, Splinterlands, Benji Bananas, Iskra and Yuliverse performed extremely well. Notably, Alien Worlds, a Wax based dapp, was one of the best performers in the gaming sector. With 580,000 mUAW in March, Alien Worlds’s UAW increased by 4% from that of February 2023.

The other best performing NFT games were Splinterlands, Benji Bananas, Iskala, Uliverse, Hunters On-chain, Axie Infinity and Yuga Labs. Iskara which was the second best performing game in March where it had 319,000 mUAW, an increase of 708% from February.

Hunters on-chain web3, a Polygon gaming platform, outperformed several other decentralized games during March. This popular web3 game had 134,000 mUAW, 15,497% more than the February’s figure.

On the other hand, Yuliverse had 91,000 mUAW, a 2,656% from its February’s activity. Interestingly, Axie Infinity‘s trading volume reached $93 million in March, about 72.15% from its February’s figure. Definitely, the performance of the above mentioned web3 games is a testimony of the popularity and growth of blockchain gaming.

Yuga Labs’ performance in Q1, 2023

We cannot complete an uation of blockchain and gaming without considering the performance of Yuga Labs since it is one of the leading games at the moment. Yuga Labs is a gaming platform that continues to make innovations and forge important partnerships to improve the users’ gaming experience.

As an example, it recently introduced Sewer Passes, a promising NFT project within the Bored Ape Yacht Club eco. It generated over 4, 000 ETH within a few hours after its launch. It also launched HV-MTL, an NFT collection in March, which has already racked in more than 18,028 ETH (about $34.46 million) on the secondary market.

The Otherdeed for the Otherside has been another success story for Yuga Labs. For example, in March 7,200 players attended the Otherdeeds for Otherside 90-minute trial run. It also partnered with Gucci, a luxury fashion house.

Polygon has a 53% growth in Active Wallets

The growth of the Polygon blockchain is another reason for the continued expansion of gaming networks. In March, it recorded 138,081 dUAW, an increase of 53% over February. As a result of the increase in Polygon gaming activities, it has overtaken Hive to become the second blockchain with the greatest web3 gaming activities.

The performance of the Hunters On-Chain by BoomLand during the first quarter of 2023 has contributed to the increase in blockchain and gaming activities on Polygon. Incidentally, WAX remains the blockchain with the most gaming activity despite registering an 8.11% decrease in its unique active wallets (dUAW) in March. The following graph shows changes in unique active wallets of the top gaming blockchains.

As The Graph shows WAX, Polygon, Hive, BNB Chain and Klaytn are the leading gaming blockchains.

Bullish signs for the blockchain gaming industry

The increase in the unique active wallets (dUAW) during Q1, 2023 is one bullish sign for blockchain games. There was a rise in the number of blockchains offering gaming services in 2022.

Already, there are many games in their Alpha and Beta stages. Imposters, Among Us, Deadrop and Parallel are examples of games which are at advanced stages of development and are likely to launch their games in 2023. In addition, blockchain games are now popular on mobile devices which increase their reach and demand.

how to buy matic on Gate.io

We have discussed how Polygon blockchain is hosting many blockchain gaming platforms that are faring well. This also increases the demand for its native cryptocurrency called Matic. Let’s briefly discuss how you can purchase Matic on Gate.io

The first step is to create and verify your Gate.io account. The next step is to fund your account using any of the major cryptocurrencies like Bitcoin, USDT or ETH.

You can purchase these major cryptocurrencies using a bank transfer or a credit card. Once you have any of these cryptocurrencies in your account you go to the Spot Trade Section and select the suitable pair such as USDT/Matic as indicated below.

Once you click on that pair, USDT/Matic, a new window will open that allows you to input the amount of Dogecoin you want to buy.

Once you have input the amount of Matic you want to purchase click on “buy matic.” After that you will need to confirm the transaction.

Conclusion

The blockchain gaming sector has been expanding rapidly since 2022. Similarly, it has maintained that momentum in 2023, with Splinterlands, Benji Bananas, Iskala, Uliverse, Hunters On-chain, Axie Infinity and Yuga Labs being the best performing web3 games in Q1, 2023. Polygon is second to WAX as the blockchain that hosts and supports many blockchain gaming platforms.

Author: Mashell C., Gate.io Researcher

*This article represents only the views of the researcher and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.