A report published by the Block chain Gaming Alliance shows that non-fungible token games generated billions in revenue in the third quarter.
Block chain gaming continues to grow and dominate the non-fungible token (NFT) space with a share of roughly 22% of all NFT trading volume in the third quarter of 2021, according to a report released by the Block chain Gaming Alliance, or BGA. The report showed that NFT games accumulated $2.32 billion in revenue between July and September.
Meta verse-related activity was also highlighted in the report. It showed that virtual land sales reached $42.6 million while the total market capitalization for virtual world decentralized apps reached an all-time high of $4.6 billion at the end of November.
Additionally, the report mentioned that there is a “6,566% increase in daily unique active wallets.” These are wallets that interact with smart contracts connected to games.
The report also cited significant investments in block chain gaming companies this year. Hong Kong-based game software company Animoca Brands raised $88 million in May, $138 million in July and $65 million in October, doubling its valuation to $2.2 billion.
Additionally, Crypto Kitties developer Dapper Labs shocked the world with $230 million in sales on 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 believes that this growth will continue as everything comes together toward the meta verse. According to Dunica, the user growth of block chain games will lead to something bigger and “potentially all-encompassing, the Meta verse.”
The meta verse has been described as more than a game, but less than the real world.
As our interactions become more virtual, NFTs appear to be a pivotal factor in accelerating the meta verse's development.
As the meta verse becomes more popular, major companies are jumping into the fray. In China, despite warnings from the government about NFTs and virtual assets, companies embarked on a race to register metaverse-related trademarks. More than a thousand companies applied to register 8,534 meta verse trademarks by Sunday.
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