NFT Gaming Recorded $2.32 Billion in Revenue During the Jul-Sep Quarter – BGA

The growing popularity of metaverse and blockchain gaming helped the NFT gaming market to generate $2.32 billion during the July-September quarter.
Image Source: BGA 2021 Report

Quick Take:

  • The NFT gaming market recorded $2.32 billion in sales during the July-September quarter.
  • Blockchain Game Alliance (BGA) said blockchain gaming accounted for about 22% of all NFT trading volume.
  • The metaverse also boosted NFT sales with virtual land sales exceeding $42 million.

As the mainstream gaming industry continues to weigh on the opportunity presented by the metaverse, blockchain gaming continues to soar. In a report published by Blockchain Game Alliance (BGA), the NFT gaming market recorded $2.32 billion in revenue during the July-September quarter.

The reports also showed that the rapidly growing metaverse realised $42.6 million in digital land sales, boosting the total market capitalization for the virtual world decentralized apps to an all-time high of 4.6 billion as of November 30, 2021. Last week, DappRadar data showed that blockchain gaming sales for in-game NFTs rocketed above $4.5 billion, with overall NFT sales exceeding $23 billion.

The metaverse has also played a key role in driving the demand for crypto wallets with gamers embracing the shift to blockchain-based games. As a result, the number of the daily unique active wallets soared by approximately 6,566%, the BGA report showed.

It also highlighted a rising interest in blockchain gaming investment, with venture capitalists pouring in.

The report highlights the Hong Kong-based gaming software company Animoca Brands, which “raised $88 million in May, $138 million in July and $65 million in October, doubling its valuation to $2.2 billion.”

On the other hand, Cryptokitties developer Dapper Labs surprised the blockchain market with $230 million in sales on its NBA Top Shot project.

Elsewhere, Axie Infinity Pokemon-inspired NFT combat gaming continues to hold the record for most in-game NFT sales with a cumulative value of $2.2 billion.

Overall, the metaverse continues to play a crucial role in the rapid growth of blockchain gaming. Since Zuckerberg popularised the name after rebranding Facebook to Meta Platforms, which also includes Instagram WhatsApp and Messenger, the metaverse has continued to dominate headlines in the crypto space.

As a result, celebrities have joined in, which in return has helped to create awareness. And with, major technology companies, video game developers, and venture capital firms seizing the opportunity to be part of what comes next, NFT gaming enthusiasts are optimistic about 2022.

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