On April 20, the market tracker DappRadar and the Blockchain Game Alliance released the Blockchain Games Report for Q1 2022. It follows a previous report that said that $720 million was spent on blockchain games and infrastructure in February. In 2021, venture capitalists and other investors raised $4 billion.
According to a report, Animoca Brands raised $360 million, bringing its value to $5 billion and establishing itself as a prominent Web3 brand. Sequoia Capital led a $450 million investment in Polygon (MATIC), while Yuga Labs, the studio behind the non fungible tokens (NFTs) of Bored Ape Yacht Club (BAYC), received a $450 million investment led by Animoca Brands, with The Sandbox, FTX, and Coinbase to launch its Otherside metaverse with play-to-earn (P2E) games.
According to DappRadar, blockchain games drew 1.22 million unique active wallets (UAW) in March, with game decentralised apps (DApps) or gaming applications with play-to-earn incentives accounting for more than half of the industry’s activity. Splinterlands has been rated the best play-to-earn DApp. Polygon is the layer-2 (L2) sidechain featuring the most popular P2E games, including Crazy Defense Heroes, Pegaxy, Arc8, and Aavegotchi.
Sebastian Borget, co-founder of the Sandbox metaverse and president of the Blockchain Game Alliance, spoke about why he believes Polygon has profited the most from P2E dynamics and NFTs compared to other ecosystems like Wax, Harmony, and BNB Chain.
Borget further said that Polygon was the first L2 blockchain for NFTs on OpenSea, resulting in increased liquidity for NFTs. He believes that the rise of NFTs and blockchain-based games on ImmutableX (IMX), Tezos (XTZ), Solana (SOL), and BNB Smart Chain (BSC) will “certainly change the distribution in the second half of 2022.”
