NFT games generated $2.32B in Q3, report finds

According to the annual report by the Blockchain Game Alliance, NFT games generated $2.32 billion in revenue in the third quarter of 2021, representing 22% of total NFT trading volume industry-wide. 

The number of wallets relating to gaming activity increased 2,453%, from 29,563 during the first week of 2021 to 754,000 in Q3 2021.

Per the report, Axie Infinity dominated blockchain gaming NFT trading volume for the first half of the year, reaching a record-high US$2.5 billion in trading volume in September and surpassing sales records of NBA Top Shot and CryptoPunks. From January to November 2021, the top five games with the most Unique Active Wallets are Alien Worlds, Axie Infinity, Splinterlands, CryptoMines, and Bomb Crypto.

Metaverse-related activity exploded during the first half of 2021, fueled by virtual land sales that hit US$42.6 million. Growth has continued with the market cap for virtual world dapps reaching an all-time high, surpassing $4.6 billion at the end of November.

The WAX blockchain experienced the most new user adoption, with the number of active wallets growing 1,082% on a quarter-over-quarter basis. This was led in sales by Alien Worlds, which saw more than two million transactions in the second quarter.

The report also found that Splinterlands became one of the most played games in the industry, with the trading card game attracting over 245,000 daily Unique Active Wallets in September, up 3,267% from the end of Q2.

2021 has also seen a dramatic increase in the funding of blockchain games. According to BGA member BlockchainGamer.biz, an estimated $4 billion has been invested in blockchain gaming in 2021. 

Building a fantasy football platform based on NFT, Paris-based startup Sorare raised a $680 million Series B in September at a $4.3 billion valuation, while NBA Top Shot-maker Dapper Labs raised $250 million at a $7.6 billion valuation. In early November, playable NFT game platform Mythical Games raised $150 million Series C at a $1.25 billion valuation. in September. Animoca Brands also raised $65 million at a valuation of $ 2.2billion in its new funding round.