More activity, more players, the more token value
In the past three months, the blockchain gaming industry has seen a tremendous 651% increase in its transaction volume. At the end of March, the industry had more than $1.1 million in daily volume on average, according to the BGA Blockchain Game Industry Q1 2021 Report by DappRadar.
This growth in value comes from a couple of different developments. There are now 148% more active wallets across all blockchain platforms. These wallets are responsible for ten times as many dapp interactions. This automatically means that more value is being transacted.
At the same time, token prices have gone up. Ethereum’s ETH went up from $1,200 to $2,000 in the first three months of the year. At the same time games with their own tokens, have seen their value increase tenfold or even more.
For example, the SAND token for The Sandbox increased 15 times in value from $0,045 to more than $0.80 on March 31st. Axie Infinity’s governance token AXS went up from $0.60 to more than $6.00 at the end of March, while Gala Games’ GALA token pumped from $0.001 to $0.026. These token value increases also play a role in the total transaction value, even though many transactions still happened in ETH.
Axie Infinity and Sorare most valuable
Among the games with the most on-chain activity are Alien Worlds, Upland and R-Planet. However, when it comes to the most valuable game on the market, Axie Infinity and Sorare are on top. Axie Infinity has had $17.2 million in total volume, while fantasy football game Sorare had $33 million.
Sorare had a strong performance throughout the entire quarter, even though March had definitely been their best month with $20 million in trading volume. Axie Infinity had some major sales during the quarter, but the launch of their Ronin sidechain was the real highlight. Since the launch on Ronin, their transaction volume increased tenfold, resulting in $10 million in volume in March alone.