Blockchain gaming continues to flourish and dominate the nonfungible token (NFT) industry according to research conducted by the Blockchain Gaming Alliance (BGA). According to the BGA, near 22% of all NFT trade volume took place in the third quarter of 2021. The study shows that NFT games generated revenue of $2.32 billion between July and September.
As well as emphasizing metaverse-related activity, the report highlights the total market valuation for virtual world decentralized apps. At the end of November, it reached a record-high value of $4.6 billion. Meanwhile, virtual real estate sales reached $42.6 million. According to the research, there have been 6,566 percent increases in daily unique active wallets. These are wallets that interact with smart contracts related to games.
Blockchain gaming startups have seen major investments this year, according to the research. An example is Animoca Brands, which raised $88 million in May, $138 million in July, and $65 million in October. This values Animoca Brands at $2.2 billion.
Moreover, Dapper Labs, creator of Cryptokitties, stunned the world with its NBA Top Shot initiative, which brought in $230 million in sales. Meanwhile, Axie Infinity, a Pokemon-inspired NFT battling game, currently holds the record for the highest NFT sales, with nearly $4 billion in sales.
Several large corporations are getting involved with the metaverse as it becomes more popular. Corporations in China, for example, have rushed to register metaverse-related trademarks despite warnings from regulators about NFTs and virtual assets. By Sunday, more than 1,000 companies had applied for 8,534 metaverse trademarks.