Blockchain Game Alliance: NFT games generated $2.32B in Q3

December 17, 2021 Blockchain

Nonfungible token (NFT) games generated $2.32 billion in revenue in the third quarter, according to data compiled in the annual report by the Blockchain Game Alliance. That was roughly 22% of all NFT trading volume industry-wide in the quarter as blockchain games gathered steam.

The BGA is an advocate for NFTs games, which use the transparency and security of the digital ledger of blockchain to authenticate unique digital items and enable new business models for games such as digital collectibles.

The report is based on a survey of members among the 300 companies from 56 countries that are part of the BGA. Of those 300, 198 joined in 2021, marking a membership growth of 186% from 2020. The BGA was formed in 2018 with just eight members.

The number of wallets relating to gaming activity increased by 2,453%, from 29,563 during the first week of 2021 to 754,000 in Q3 2021. Sky Mavis’ Axie Infinity dominated blockchain gaming NFT trading volume for the first half of the year, reaching a record-high $2.5 billion in trading volume in September and surpassing sales records of NBA Top Shot and CryptoPunks.