Blockchain games continue to grow and dominate non-NFT with a market share of around 22% of total NFT trading volume in the third quarter of 2021, according to a report released by the BGA. The report shows that NFT games amassed $2.32 billion in revenue between July and September.
Metaverse-related activity was also highlighted in the report. It shows virtual land sales reaching $42.6 million while the total market capitalization for virtual world decentralized applications hit an all-time high of $4.6 billion at the end of the month. 11.
Additionally, the report mentions that there is a 6.566% increase in unique daily active wallets. These are interactive wallets with smart contracts connected to games.
The report also cites significant investments in blockchain game 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 dollars.
Additionally, CryptoKitties developer Dapper Labs shocked the world with $230 million in revenue for his NBA TopShot project. Meanwhile, Pokemon-inspired NFT game – Axie Infinity currently holds the record as the highest NFT grossing with nearly $4 billion.
Dragos Dunica (DappRadar Co-Founder) believes this growth will continue as everything moves towards the Metaverse. According to Dunica, the user growth of blockchain games will lead to something larger and potentially all-encompassing, the Metaverse.
As Metaverse becomes more popular, big companies are actively participating. In China, despite warnings from the government about NFTs and digital assets, companies are still racing to register trademarks related to Metaverse. More than 1,000 companies filed for 8,534 Metaverse trademarks on Sunday.