VeChain enters billion-dollar blockchain gaming market

  • VeChain-built NFT blockchain Exoworlds announces official partnership with sp4ce games, a blockchain gaming firm.
  • Data shows investors have poured nearly $3.5 billion into blockchain gaming firms this year.

On Tuesday, Exoworld, the Sci-Fi NFT blockchain built on the VeChainThor blockchain, tweeted the confirmation of a new partnership. According to the announcement, Exoworld will partner with Sp4ce games, a growing force in the blockchain gaming niche. The announcement further revealed that Sp4ce games would help Exoworld with content creation, strategy, marketing, and other essential growth techniques.

The ultimate aim is to take Exoworld to the next level. The partnership means that VeChain technology is now being deployed in the blockchain gaming sector. This is another massive milestone for the VeChain team and its community.

It further highlights the significant progress VeChain has made in its short existence. It also proves that VeChain’s PoA consensus algorithm is suitable for developing blockchain-built online games. PoA-based solutions offer games the advantage of minimal transaction costs. Also, the VeChain PoA network reduces server workload as it is three times faster than Ethereum.

The blockchain gaming industry keeps growing

Meanwhile, data from on-chain analytics firm, DappRadar, indicates that blockchain-based game playing soared by 2,000 percent between Q1 2021 and Q1 2022. This increase means that blockchain-based game-playing accounts for 52 percent of all blockchain activities.

Follow us for the latest crypto news!

As of March 2022, 1.22 million unique active wallets (UAW) were linked with blockchain games. Despite experiencing an over $600 million bridge hack then, Axie Infinity still accounted for 22,000 of these UAWs. One of the most significant contributors to the growth in blockchain games is the rising popularity of play-to-earn NFT games on Ethereum sidechains.

Since the beginning of 2022, there has been a nearly 220 percent rise in Polygon’s gaming activities primarily due to the contribution of platforms such as Aavegotchi, Crazy Defense, Arc8, and Pegaxy. However, there has been a considerable drop-off in blockchain gaming activity on BSC and Ronin.

The drop-off started last year with many gamers trying to reduce their risk on highly volatile chains. Meanwhile, funding in this sector rose by 150 percent between Q1 2021 and Q1 2022, with gaming brands receiving a total of $2.5 billion in funding for Q1 2022.

One of the brands that received the highest funding for that quarter was Animoca Brands, receiving $360 million from investors following a $5 billion valuation. Despite the crypto winter, the funding for blockchain-related gaming firms didn’t dry up in Q1 2022.

Data from drake star partners, an investment bank, revealed that these blockchain gaming firms raised nearly 50 percent of all private financing in the crypto space for Q3 2022. The data added that investors had invested nearly $3.5 billion into this space since January this year.

Despite these investments and growth, many still doubt the mainstream adoption of these blockchain-based games. Nevertheless, VeChain will continue to be instrumental to the growth of this fast-rising crypto sector.



This news is republished from another source. You can check the original article here