A report released by the Blockchain Gaming Alliance (BGA) shows blockchain gaming continues to dominate the non-fungible token (NFT) space with a share of approximately 22% in the third quarter of 2021.
In the period from July to September, NFT games generated $2.32 billion in revenue.
In addition, the report highlighted metaverse-related activity. At the end of November, the total market capitalization for virtual world decentralized apps had reached an all-time high of $4.6 billion, with virtual land sales reaching $42.6 million.
The report also mentioned that there is an increase of 6,566% in unique active wallets every day. "These are wallets that interact with smart contracts linked to games."
Several blockchain gaming companies have also received significant investments this year, according to the report.
As a result, Animoca Brands' valuation doubled to $2.2 billion, from $88 million in May to $138 million in July to $65 million in October.
Also, the NBA Top Shot game developed by Dapper Labs generated $230 million in sales.
With almost $4 billion in all-time sales, Pokemon-inspired NFT battling game Axie Infinity currently holds the record as the highest-selling NFT.
As everything comes together to form the metaverse, DappRadar co-founder Dragos Dunica sees this growth continuing. According to Dunica, blockchain games will enable a larger, all-encompassing metaverse to grow as users play these games.
Metaverses have been described as being more than games, but less than the real world.
NFTs seem to be playing a pivotal role in accelerating the metaverse's growth as our interactions become more virtual.
Several major companies are becoming more involved in the metaverse as it becomes more popular. Despite government warnings against NFTs and virtual assets, Chinese companies rushed to register metaverse-related trademarks.