Report: total trading volume in blockchain gaming reached $6.3 billion in Q1 2022

Key takeaways

• Total trading volume in blockchain gaming was $6.3 billion. Harmony accounted for 48.58% of this sum, followed by Ronin (26.85%) and BSC (14.25%).
• Ethereum placed sixth, with a total trading volume of $73.8 million (1.1%). It is due to high gas fees and slow speeds, which lead to games launching on other chains.

Gaming volume by chain in Q1 2022

• Total number of players was 1.2 million, which is similar to the fourth quarter of 2021.
• Compared to the beginning of the quarter, the market cap of GameFi tokens fell around 15%, from $21 billion to $18 billion
• The WAX blockchain generated $1.46 billion, accounting for 77.7% of the total GameFi transactions. 92.5% of all transactions on this chain came from two games, Alien Worlds and Farmers World.
• WAX was followed by Hive ($225 million, or 11.9%) and BSC ($37.8 million, or 2%).
• Ronin is fully occupied by Axie Infinity, which reached 4.7 million players and generated $10.8 million in the quarter.

Monthly number of games released

• GameFi tokens accounted for 17.8% of 157 tokens listed in Q1 2022.
• GMT had the highest daily trading volume in the market of almost $100 million. It is the governance token for STEPN, the so-called “move-to-earn” running app, which is now the best performing blockchain game in terms of token liquidity.

Average token volume

• During the first quarter, GameFi projects raised a total of $1.126 billion. It is up 194.1% year-over-year but down 40.78% compared to the previous quarter.

GameFi funding amount

• Independent games accounted for 61.17% of total rounds raised, followed by game platforms (26.2%) and metaverse (4.85%).
• Game platforms, however, raised the most money, with $551 million (48.9% of the total funding amount). They raise around $20 million on average, compared to $4.55 million for independent games.

The full report can be found here.