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Axie Infinity Leads In-Game NFT Boom, DappRadar Q3 report

IN BRIEF

  • DappRadar has released the complete report on blockchain gaming for the third quarter of 2021.
  • Overall, blockchain gaming is growing, specifically in regard to in-game NFT trading activity.
  • In-game NFT trading accounts for over one-fifth of quarterly NFT trading volume, with 19% being attributed to one game, Axie Infinity.

This report contains many interesting facts on blockchain gaming, with the overall trend to take away being that the industry is growing fast in many areas. Additionally, this report shows that various key players and sub-categories of revenue within the blockchain gaming sector are beginning to emerge.

DappRadar has released the full version of the Q3 2021 edition of its ‘Blockchain Game Report’, a series of studies into the statistical facts and trends found within this fast-growing sector. Previously, only a limited ‘overview’ version of the report had been made available.

One example of this is the identification of in-game NFTs as a huge area of revenue generation, along with the Vietnamese NFT-based online video game Axie Infinity, which represented a significant proportion of the total volume for NFT trading in Q3 2021.

Whether the trend will continue next month is currently uncertain. Recently, video-games platform Steam announced that all games which involved the issue or trade of in-game NFTs would be banned – with chief rival Epic Games Store saying that they would be allowed on their platform.

Axie Infinity comprises over one-fifth of all NFT trades

To be precise, in-game NFTs are reported to make up exactly 22% of all NFT trading volume for Q3 2021, meaning that over a fifth of all NFT trades in the period can be attributed to in-game NFTs alone.

Furthermore, the DappRadar report indicates that 19% of this total NFT trading volume was taken up by in-game NFT activity associated with just one game: Axie Infinity. This means that almost all of the aforementioned 22% of NFT trading volume related to in-game activities was taken up by this game.

Axie Infinity is a game that has received a huge amount of interest in both the crypto community and the press thanks to its huge appeal and popularity. This popularity has been confirmed and validated by the data provided in this DappRadar Q3 2021 report.

The game is the natural conclusion to concepts popularized in blockchain gaming by the likes of CryptoKitties and other NFT based innovations, most notably the pet-based gameplay angle. What makes Axie Infinity different is a monetization model, where players are offered direct token rewards in return for participation and progress/achievement within the game.

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