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<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="People playing video games" height="4480" width="5973" msid="94207720" hostid="261"></div><ul class="summary-list"><li>Insider spoke with industry experts about gaming's potential to take crypto to a broader audience. </li><li>Blockchain gaming VC investments notched $2.5 billion during Q2 2022, according to DappRadar.</li></ul>Blockchain gaming raked in $2.5 billion in funding during Q2, 2022, according to a DappRadar <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">report</a>. The burgeoning space has attracted some of the biggest names in Silicon Valley, with Andreessen Horowitz <a href="https://www.wsj.com/articles/andreessen-horowitz-debuts-600-million-gaming-fund-to-add-to-web3-bets-11652878800">debuting</a> a $600 million fund for gaming startups in May. Animoca Brands, a Hong Kong-based game developer and crypto investor, also <a href="https://www.forbes.com/sites/zinnialee/2022/07/12/animoca-brands-hits-59-billion-valuation-as-crypto-winter-deepens/?sh=7d12d3f8469d">secured</a> a $75 million raise at a $5.9 billion valuation in July. Total investments in the sector this year, by some <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">measures</a>, are outpacing last year's by around 33%.Franklin Bi, the director of portfolio development at crypto hedge fund Pantera Capital, previously told <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">Insider</a> that it is blockchain gaming's "perfect moment" to "take off.""The gaming industry travels in cycles. New cycles are historically marked by new tech or new business models or novel user experiences. Crypto and NFTs have opened up all of the above," Bi said in a statement.There have been a slew of household names jumping on the blockchain gaming bandwagon. Microsoft Corp. <a href="https://decrypt.co/90634/microsoft-69b-activision-blizzard-deal-metaverse-move">announced</a> plans in January to acquire Activision Blizzard Inc. – commonly known as the publisher of franchises like Minecraft and Call of Duty – for $68.7 billion. Microsoft says the deal will help develop "building blocks for the metaverse," according to a statement from CEO and Chairman Satya Nadella. With the gaming market <a href="https://newzoo.com/insights/trend-reports/newzoo-global-games-market-report-2022-free-version">valued</a> at almost $200 billion this year, there is potential in onboarding a critical mass of users through blockchain games. Insider spoke with industry experts about the nascent space and its potential to take crypto to a broader audience. <h2>NFTs as a way to own in-game assets</h2>Gaming may be one of the main driving forces for mainstream adoption in crypto, Pavel Bains, the CEO of blockchain startup Bluzelle, says."I have three kids who grew up on Fortnite, Minecraft, and Roblox," Bains told Insider in a statement. "Virtual currencies and acquiring in-game digital assets is what they already know." He added: "The power of crypto can help turn those virtual goods into tangible assets for committed gamers. It's a natural progression for the upcoming generation and they will use it as a vehicle to learn valuable finance lessons at the same time."In traditional games, players commonly buy skins or virtual cosmetics for their characters. This is a market, per trading platform <a href="https://venturebeat.com/2020/12/18/newzoo-u-s-gamers-are-in-love-with-skins-and-in-game-cosmetics/">DMarket,</a> that generates roughly $40 billion in annual revenue. These assets belong to the studio, instead of the buyer, which could make NFTs an attractive alternative to the traditional gaming model. "So what's happened with the advent of blockchain games is that now those virtual goods and items can be put on-chain and you can have actual ownership of that," Justin Kan, cofounder of NFT marketplace Fractal, previously told <a href="https://www.businessinsider.com/nfts-in-gaming-twitch-justin-kan-investing-outlook-advice-2022-4">Insider.</a> "The only difference is that these companies themselves are giving up control and what they get in exchange is a more robust economy."NFTs verify ownership of a player's asset because it's recorded on a public ledger via the blockchain. Instead of holding these assets with a Web2 gaming studio, participants can hold tokens in their crypto wallets or some other more decentralized custodian."We believe ownership of digital assets will open up another layer of excitement and experience for gamers as they will now have additional motivation playing the games they enjoy," Kyu Lee, a partner at venture capital firm CRIT Ventures, told Insider in a statement.<h2>Games are entertaining and people want to play them</h2>Gaming is an effective onboarding tool, STEPN's Shiti Rastogi Manghani says, because it's entertaining and accessible to a broader audience. STEPN, dubbed a "move-to-earn app," allows users to earn game tokens through exercising. "Anything that is fun, social, engaging will get the users in the door," Manghani, the startup's CMO, told Insider in a statement. "We've seen this time and again in multiple industries like retail, e-commerce, and social media. It serves basic human needs. Gaming or any utility app that checks those boxes will go mainstream. If it benefits the users in the process, that's icing on the cake." Younger generations, in particular, are long accustomed to playing video games. Games have always been at the "forefront of emerging technologies" because humans love to be entertained, Shahaf Bar Geffen, the chairman of Web3 startup UnCaged Games, says. "The game of Tetris was built by Alexey Pajitnov to make computers less intimidating and more accessible to people," Geffen told Insider in a statement. <h2>Roadblocks to blockchain gaming</h2>With any new technology – and especially one in a volatile market – comes plenty of obstacles.Amid a crypto bear market, blockchain gaming has shown signs of slowing down as well. Axie Infinity, the game which once had the largest user base in the industry, had 83% fewer participants in Q2 than in Q1, according to <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">DappRadar.</a> The downtrend in players steepened following a $650 million hack on its Ethereum-linked sidechain, Ronin."While gaming activity still dominates the overall landscape, we have also begun to see the first cracks appearing in the industry, and many top blockchain games started to show weakness," the DappRadar report says. Potential hurdles for mainstream adoption are a game's usability, Steven Goldfeder, the CEO and cofounder of Ethereum scaling solution provider Offchain Labs, says. Is it fun or are people just playing for the returns and financial rewards? "A good blockchain game needs to be a game first, and a blockchain application second," Goldfeder said in a statement to Insider. "The incorporation of blockchain technology should be purely additive, enhancing the gaming experience for users that wish to engage with the blockchain, but not by limiting accessibility to those who just want to play the game."He added: "Ironically, in order for blockchain to go mainstream, it needs to be able to operate in the background, and core to that are ease of onboarding, fast confirmation times, and low transaction costs that are abstracted away from users." This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream &ndash; and explain potential hurdles for widespread adoption

<ul class="summary-list"><li><keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, a crypto game that lets players earn money, became the top-traded NFT collection, according to the BGA Blockchain Game Report. </li><li>The game, which centers on NFT creatures called Axies, has generated $2.5 billion in trading volume. </li></ul>Axie Infinity, an ethereum-based game where players can earn money by battling colorful creatures, became the top-traded NFT collection during the third quarter, data show. Developed by Vietnamese startup Sky Mavis, <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> drew in $2.08 billion in trading volume from July through September, representing 19% of trading volume in that space, according to the <a href="https://dappradar.com/blog/bga-blockchain-game-report-q3-2021">BGA Blockchain Game Report</a> from Dappradar. And as of the report's publication on October 14, it was more than $2.5 billion. The game's creatures, called Axies, are <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> that can be sold or purchased. NFTs, or non-fungible tokens, are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other cryptocurrencies. During the third quarter, the game overtook CryptoPunks and NBA Top Shot - among the most famous NFTs - to claim the title of the most-traded NFT collection ever. CryptoPunks have <a href="https://www.businessinsider.com/cryptopunks-pixelated-avatars-that-millionaires-buy-nft-2021-7">become hot items for millionaires to buy</a>, and payments heavyweight <a href="https://markets.businessinsider.com/stocks/v-stock">Visa</a> in August ventured into the digital-collectibles market by <a href="https://markets.businessinsider.com/news/currencies/visa-cryptopunks-nft-150000-cryptocurrency-blockchain-fungible-token-digital-asset-2021-8">purchasing the CryptoPunk 7610 pixelated avatar for around $150,000</a>."The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution," said BGA, adding that the game pulled in $800 million in revenue in the third quarter. Players can earn two types of tokens, Smooth Love Potions and Axie Infinity Shards, through breeding, raising and battling Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. The <a href="https://www.coingecko.com/en/coins/axie-infinity">AXS price</a> earlier this month hit an all-time high of $155.88, according to CoinGecko. The <a href="https://www.coingecko.com/en/coins/smooth-love-potion">SLP token</a>'s price reached an all-time high above $0.399 in July but has since pulled back. The broader blockchain industry posted a quarterly increase of 25% in unique active wallets, to 1.54 million. BGA said UAWs are somewhat analogous to daily active users, although individuals can hold multiple wallet addresses.A big driver in that increase came from blockchain-based games with players seeking to earn money. UAWs connected to blockchain games hit 754,000 in the third quarter, or 49% of the whole industry's usage, the report said.

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

<ul class="summary-list"><li>Axie Infinity's axs token has surged 44% since it revealed plans to cut the supply of Smooth Love Potion tokens.</li><li>The 'drastic' changes will halve the creation of SLPs by making it more challenging to earn the tokens.</li></ul>Axie Infinity's governance token, axs, surged more than 40% after the leading <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> game said it's bringing in updates to eliminate two ways people can create play-to-earn tokens.The upcoming Season 20 release will include several changes aimed at rebalancing the economics of the game, <a href="https://axie.substack.com/p/upcoming-season-20-and-economic-balancing">the Axie Infinity team said</a>.These changes mainly affect the games play-to-earn token Smooth Love Potion, or SLP. Players will no longer be able to earn these by taking part in daily quests and playing adventure mode, Axie said."The daily quest, in principle, was great to encourage people to play everyday, but it's now become a mass emission mechanism for SLP. By removing the daily quest, we are able to reduce issuance by around 45 million SLP per day," it said in the latest edition of its newsletter, The Lunacian. People playing the game can collect creatures called Axies, represented by NFTs, that they can put into battle. The NFTs can be bought and sold on the Axie Infinity Marketplace, at a wide range of value. With the upcoming changes, the supply of SLP will drop by up to 56%, making them more scarce. As SLP tokens are needed to breed new Axies from old ones, that should make the NFTs in shorter supply, too — which has helped lift the price of the axs token they are traded in.The price of an axs token has risen 44% to $69.28 at last check Monday, from $47.80 around the time of the Axie news Thursday, according to <a href="https://coinmarketcap.com/currencies/axie-infinity/">CoinMarketCap data</a>.Meanwhile, SLP went up from $0.009 on Thursday to $0.016 on Monday, up 27% in the past 24 hours, <a href="https://coinmarketcap.com/currencies/smooth-love-potion/">according</a> to CoinMarketCap.Axie Infinity <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">took off in 2021</a> as play-to-earn games grew exponentially, in tandem with the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market, and axs <a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-axie-infinity-business-model-gaming-value-2022-1">rose by 18,000%</a> throughout the year. The Axie team said the game's economy requires change to ensure its long-term viability."We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful," it said.The updates also include the creation of a $6 million prize fund, and changes to the games rewards structure. In season 19, Axie gave out 3,000 axs tokens to users in the top 1,000 gamers on the leaderboard. In the upcoming season, this amount has increased to 117,676 for the top 300,000 leaderboard slots. "Put simply, we've prioritized growth and on-boarding millions. Without this approach, it's likely that Axie would have remained a small, niche game with a few thousand players," Axie said.

Axie Infinity's native token axs soars more than 40% after the game cuts back on supply of play-to-earn tokens and increases prize pool to $6 million

<ul class="summary-list"><li>Nearly 60% of American and UK-based video game developers are starting to use blockchain technology, according to a study released Wednesday. </li><li>About half are incorporating NFTs into their games, respondents said in a study from Stratis. </li></ul>Blockchain technology is accelerating as a go-to foundation for video game developers, with the play-to-earn model growing in popularity, according to a survey released Wednesday. 58% of 197 video-game developers surveyed in the US and UK were beginning to use blockchain technology, and 47% have started to incorporate non-fungible tokens, or <a href="https://markets.businessinsider.com/news/currencies/nft-trading-volume-q3-crypto-blockchain-snoop-dogg-axie-infinity-2021-10">NFTs, in their games,</a> said <a href="https://www.prnewswire.com/news-releases/video-game-developers-reveal-overwhelming-appetite-for-blockchain-and-nft-technology-in-a-new-research-study-from-stratis-301420448.html">blockchain platform Stratis in a study</a> it commissioned and that was carried out by market research firm Opinium. NFTs are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other cryptocurrencies. Game developers, at a rate of 57%, were most interested in decentralized finance, or DeFi, or GameFi in terms of blockchain capabilities. GameFi, a combination of DeFi and NFTs, offers financial incentives for people to play video games and is attracting mass attention from the crypto community. <a href="https://markets.businessinsider.com/news/currencies/top-nft-collection-q3-axie-infinity-crypto-gaming-expands-2021-10">Axie Infinity is currently the most popular play-to-earn game</a>, with the model allowing users to make real money by earning tokens, creating NFTs, and selling them. The Sandbox is another one, <a href="https://markets.businessinsider.com/news/currencies/metaverse-nft-startup-sandbox-funding-softbank-crypto-2021-11">allowing gamers to create virtual worlds</a> in an ethereum-based metaverse and monetize digital assets. <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> has drawn in more than <a href="https://www.businessinsider.in/investment/news/openseas-nft-trade-quadruples-to-10-billion-in-under-three-months-but-axie-infinity-continues-to-be-the-crowd-favourite/articleshow/87609137.cms">$3 billion in trading volume </a>since its launch in March 2018. It's gained in popularity particularly in <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">developing countries hard hit by the COVID-19 pandemic</a>. 54% of the Stratis survey respondents said they see rewarding players with real-world value as a key use case for blockchain in games. Innovation and "more interesting game play" were the reasons behind 61% of respondents saying they see blockchain as valuable for the <keyword id="12507548" type="UNKNOWN" weightage="60" keywordseo="videogame-industry" source="Orion">videogame industry</keyword>."We commissioned this research to solidify what we already assumed - that blockchain and NFTs are the future of video games," said Statis CEO Chris Trew in a statement.

Play-to-earn crypto games are gaining popularity among developers, with nearly 60% surveyed saying they are utilizing blockchain in game design

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Travis ScherTravis Scher, head of the investment arm at Digital Currency Group.</div></div></div><ul class="summary-list"><li>While crypto tanked in 2018, investors are still pouring billions into the space. Blockchain and crypto-related firms raised $3.9 billion as of October 2018.</li><li>Travis Scher, who heads the investment arm at Digital Currency Group, shared his outlook on the crypto space with Business Insider. </li><li>Scher says the areas worth watching in 2018 include the rise of crypto infrastructure for institutional investors, blockchain-based games, and non-fungible tokens. </li></ul>The cryptocurrency market kicked off the year of 2018 with a bang <a href="https://www.businessinsider.com/why-is-bitcoin-crashing-2018-11">but wrapped up with a slump.</a>After peaking at $20,000 in December 2017, bitcoin now trades at around $4,000 per coin. But despite this sell-off, venture investors are still pouring money into the nascent industry. Blockchain and crypto-related companies raised $3.9 million in the first three quarters of 2018, according to Pitchbook. Business Insider spoke with Travis Scher, who heads the investment arm at Digital Currency Group (DCG), to get his outlook on the key crypto trends he's watching in 2019. Founded by Barry Silbert, DCG has made investments in 130 crypto-focused portfolio companies, including market leaders like Coinbase, Circle, and Ledger. Here are the key trends he's following in the new year. More crypto infrastructure for big Wall Street investors From crypto exchanges like Coinbase and Kraken to crypto wallets like Abra, Blockchain, and Ledger, there's been a lot of growth in infrastructure for retail investors looking to enter the crypto space. Proper infrastructure for big, sophisticated Wall Street investors, however, like custodians and security standards, has lagged behind.That is, until now, Scher says. A number of established Wall Street firms have started to<a href="https://www.businessinsider.com/bitcoin-pops-after-report-goldman-sachs-will-start-trading-products-linked-to-bitcoin-2018-5"> dip their toes into trading crypto products and</a> are looking for market safeguards to which they're accustomed.Intercontinental Exchange, the owner of the New York Stock Exchange, is <a href="https://medium.com/bakkt-blog/launch-and-faqs-e1a3f7691d7b">poised to launch</a> a bitcoin futures product on its Bakkt platform in January. ErisX, an exchange heavily backed by Wall Street investors like DRW, Virtual Financial and TD Ameritrade, will offer spot trading in cryptocurrencies like Bitcoin and Ether as well as future contracts in Bitcoin, subject to approval by the Commodity Futures Trading Commission. Digital Currency Group has invested in four types of institutional infrastructure firms, including exchanges like ErisX, institutional custodians like BitGo and Ledger's enterprise Vault solution, new trading platforms like Omniex and SFOX, and data companies like Digital Assets Data and Flipside. Blockchain games and non-fungible tokensWhile blockchain is typically known as being a platform that facilitates the transaction of digital currencies, there are alternative uses of the technology. One includes games which are built on the blockchain. An early pioneer of these "blockchain games" is CryptoKitties in which gamers can collect, breed and trade cartoon kittens on the Ethereum blockchain. The game took off in late 2017 and went so viral that it once caused Ethereum network congestion.Non-fungible tokens is what facilities digital collectible games like CryptoKitties. Each token is unique and distinguishable from others of the same class. A common analogy of non-fungible tokens is baseball cards - each has distinctive information and different degrees of scarcity. That compares to cryptocurrencies like bitcoin and ether which are fungible tokens, meaning they can be exchanged, much like a dollar bill. You can swap a dollar bill with another dollar bill, and it wouldn't make any difference.Scher thinks the development of blockchain games and non-fungible tokens may allow the nascent technology to be adopted more widely. "We'll see more experimentation around gaming and non-fungible tokens, which will see some adoption, hopefully some big hits, push the infrastructure forward and [lead to] a variety of other use cases," he said.This sector is largely ignored by venture capitalist because the games are a hit-driven business, Scher said"Venture capitalists should be paying attention to the ones that are building platforms and developer teams, companies that are not creating just one game but are building several developed business models that can succeed," he said. Slower funding for blockchain startups and crypto hedge fundsScher expects funding for crypto ventures to slow down in the first half of this year as the market cools down from crypto-mania. "The first half of 2018 saw tremendous amount of venture investments in the crypto markets, but now we have been in a bear market for so long that no matter what way the market goes over the first six months of this year, I think venture fund convictions around this industry are definitely going to be lower," he said. This means it will be much harder for new blockchain startups to raise money and for existing crypto companies to raise follow-on rounds. The plunge in the crypto market has caused a number of blockchain startups to shutter operations or downsize, as <a href="https://www.bloomberg.com/news/articles/2018-12-06/crypto-market-crash-is-causing-startups-to-shutter-operations">Bloomberg reported in December</a>. Scher thinks the prolonged winter in crypto will have an impact on crypto hedge funds and that will ripple through token sales."A lot of these funds suffered tremendous losses in 2018, and I think a lot of them are going to shut down," he said. "There is going to be a real struggle to raise new money. As there is going to be less money going into the crypto funds, there is going to be less money available for token projects."Crypto markets started off last year with a bang, and a large amount of new crypto hedge funds swarmed into the market. But as 2018 neared its end, the market lost nearly 80% of its value from the all-time high it recorded in 2017. According to Crypto Fund Research, 35 crypto hedge funds were forced to close shop in 2018.

A leading investor at Barry Silbert's bitcoin investment firm shares his top crypto trends for 2019

<ul class="summary-list"><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchange <keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> said Tuesday its venture capital arm has invested in blockchain game startup Star <keyword id="11970102" type="UNKNOWN" weightage="60" keywordseo="sharks" source="Orion">Sharks</keyword>.</li><li>Players can own, trade and mate the underlying <keyword id="11976459" type="UNKNOWN" weightage="60" keywordseo="shark" source="Orion">shark</keyword> NFTs as they compete in its game's metaverse. </li><li>The Star Sharks makers' games have drawn in 1 million players a day and are part of the growing crypto gaming space.</li></ul>Binance, the largest crypto exchange in the world, is backing a blockchain game startup's shark metaverse as interest in virtual worlds becomes more mainstream. Its venture capital arm and incubator Binance Labs has placed a "strategic investment" of just under $1 million in Star Sharks, the company told Insider. Star Sharks's first game enables players to compete for rewards by trading and even mating the pet sharks they own, in the form of underlying shark non-fungible tokens (NFTs) on a 3D mobile platform. Players in "Starsharks.Warriors" join forces to build and run a new shark-metaverse as a community, according to Binance Labs. It is set to debut this month.Built on the Binance Smart Chain (BSC) blockchain, the decentralized game reflects a growing interest in the metaverse, as with Facebook's recent decision to <a href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10?r=US&amp;IR=TIR=T">change</a> its corporate name to "Meta." A metaverse is a virtual space where people can interact digitally using avatars. "After launching their GameFi platform on Binance Smart Chain (BSC), we believe that Star Sharks will be an important contributor to the development of the gaming sector and therefore benefit all users in the BSC ecosystem," Chase Guo, investment director at Binance Labs, was quoted as saying in a <a href="https://www.binance.com/en/blog/421499824684902988/ecosystem/binance-labs-makes-strategic-investment-in-star-sharks-to-grow-the-bsc-ecosystem">company statement</a>. Binance Labs said its investment would help expand the gaming sector on its BSC network. It launched the <a href="https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc">BSC network</a> for decentralized, peer-to-peer applications in October last year. The team behind Star Sharks came in part from Timi Studio Group, whose games have pulled in more than 1 million users a day within three months, and from <keyword id="11892740" type="UNKNOWN" weightage="60" keywordseo="google" source="Orion">Google</keyword>.<a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-gamefi-nft-games-axie-infinity-huobi-2021-10">GameFi</a>, where decentralized finance meets the gaming industry, is pulling a lot of attention from the crypto community and from the biggest gaming guilds in the sector. Its business model often allows players to obtain a share of the dividends brought in from game development, with their most common feature being "play to earn". Ethereum-based game "Axie Infinity" is one of the most popular GameFi projects.In the Star Sharks first game, those who refer new players will get tokens based on the activity rewards of the people they have referred.

Binance bets on a gaming NFT metaverse where players can mate their pet sharks

<ul class="summary-list"><li>NFTs registered $10.7 billion in third-quarter <keyword id="101071" type="General" weightage="60" keywordseo="trading-volume" source="Orion">trading volume</keyword>, a 704% increase from the previous quarter, according to DappRadar.</li><li>Growth came from popular blockchain-based video games that use <keyword id="4668945" type="General" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> collectibles, with names like Axie Infinity and Splinterlands.</li><li>Art also drove volume, with one ethereum-based image reportedly bought by <keyword id="24691" type="General" weightage="60" keywordseo="snoop-dogg" source="Orion">Snoop Dogg</keyword> for $3.9 million in September.</li></ul>NFT trading volume exploded in the third quarter, fueled by popular blockchain-based games, according to a report by industry analyst firm <a href="https://dappradar.com/blog/dapp-industry-report-q3-2021-overview">DappRadar</a>. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> NFTs registered $10.7 billion in third-quarter trading volume, a 704% increase from the previous quarter when the tally was under $2 billion. Much of that growth came from popular blockchain-based video games that use NFT collectibles, with names like <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">Axie Infinity</a> and Splinterlands. In addition to active users, activity on these games is measured in terms of unique active wallets. On average, blockchain-based games attracted 754,000 unique active wallets each day during the third quarter, a 140% leap over the second quarter. Axie Infinity, the best-known game, broke 1.5 million active users over the span of the quarter. The <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">games let players earn money from NFTs</a> won in-game, which can then be sold to others for payment in <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> in a model called play-to-earn. Beyond games, art was also a top driver of volume. The biggest NFT collection sold in the third quarter was "Ringers 879," a collection of abstract, geometric digital art that sold for a combined $5.7 million, or around 1,800 ether. And an ethereum-based image called "Some A--hole" was <a href="https://decrypt.co/82069/snoop-dogg-buys-xcopy-ethereum-nft-for-3-9-million">reportedly</a> bought by Snoop Dogg for $3.9 million in September. DappRadar estimated that the overall NFT market cap, measured by the biggest 100 collections as well as the <a href="https://markets.businessinsider.com/news/currencies/nba-top-shots-creator-dapper-labs-to-offer-summer-league-nfts-2021-8">NBA's video-clip NFT offering</a>, was around $14.2 billion, with potential spillover effects for smaller collections.

You Searched For "blockchain game" and got 7 results

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream – and explain potential hurdles for widespread adoption

Morgan Chittum

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

Carla Mozée

Axie Infinity's native token axs soars more than 40% after the game cuts back on supply of play-to-earn tokens and increases prize pool to $6 million

Adam Morgan McCarthy

Play-to-earn crypto games are gaining popularity among developers, with nearly 60% surveyed saying they are utilizing blockchain in game design

Carla Mozée

A leading investor at Barry Silbert's bitcoin investment firm shares his top crypto trends for 2019

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Binance bets on a gaming NFT metaverse where players can mate their pet sharks

Camomile Shumba

NFT trading volume explodes 704% in the 3rd quarter as blockchain games catch fire

Ethan Wu

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You Searched For "blockchain game" and got 7 results

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream &ndash; and explain potential hurdles for widespread adoption

Morgan Chittum

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

Carla Mozée

Axie Infinity's native token axs soars more than 40% after the game cuts back on supply of play-to-earn tokens and increases prize pool to $6 million

Adam Morgan McCarthy

Play-to-earn crypto games are gaining popularity among developers, with nearly 60% surveyed saying they are utilizing blockchain in game design

Carla Mozée

A leading investor at Barry Silbert's bitcoin investment firm shares his top crypto trends for 2019

Madeline Shi

Binance bets on a gaming NFT metaverse where players can mate their pet sharks

Camomile Shumba

NFT trading volume explodes 704% in the 3rd quarter as blockchain games catch fire

Ethan Wu

Popular Keywords

Buying Guides

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream – and explain potential hurdles for widespread adoption