Gaming accounts for 51% of blockchain transactions, according to August data.
According to new data from DappRadar, gaming is still an important part of the blockchain industry. As of August, the report says that the gaming sector makes up about 50.51 percent of the industry’s month-over-month (MoM) usage.
Even though the numbers are a good sign for the sector as a whole, they are lower than they were last month.
Last month, about 57.30% of industry use was in the gaming sector (MoM).
DappRadar gets its information from the daily unique active wallets (UAW).
According to the person who did the survey, there are about 847,230 gaming-related UAW that is active every day and does about $698 million worth of transactions.
People have said for a long time that gaming is a way to get into Web3, blockchain, and crypto.
In another recent survey from ChainPlay, 75% of the 2,428 GameFi investors asked said they only got into the business because of games.
Investors in GameFi aren’t the only ones who think the sector will help get a lot of people to use it.
Experts on a panel at Korean Blockchain Week 2022 said that GameFi and crypto go together naturally.
Also, some people thought that most games will have a cryptocurrency economy within the next few years.
Traditional gaming companies that have been around for a long time also have their eyes on Web3.
Even the head of Xbox said he was optimistic about metaverse gaming, but he warned against “play-to-earn” (P2E) crypto games.
Research from the cybersecurity auditing firm Hacken shows that many GameFi projects don’t put security first and are due for a major hack.
One of the biggest hacks in crypto happened in March when $600 million worth of tokens were stolen from the Ronin token bridge from Axie Infinity.
In a recent look at 60 Web3-based games, it was found that 40% of the users were either automated bots or had more than one account that came from the same person.