Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming

Arc8 shows incredible numbers in 2022 amid a raging crypto winter, but how did Arc8, a mobile blockchain gaming platform, pull it off? We checked the facts!

A New Shift is Evident from Play to Earn to Play and Earn. NFT and blockchain gaming is the biggest trends inside the gaming industry.

Average daily users drop big time when you look at blockchain games. How come? Does gameplay matter? Axie and Decentraland under pressure.

Biggest hacker heists to date against crypto gaming where the hackers took off with $600 million. The victim is crypto gaming; Axie Infinity.

Significant reasons behind Play to Earn games popularity is its model where you earn real money while playing games. Sounds cool, isn’t it?

Take-Two CEO Strauss Zelnick once again shared his thoughts on NFTs and play-to-earn games. Take-Two On Play to Earn Future!

Gabe Newell during the promotion of Steam Deck, Valve's new portable gaming PC product, gave fun interviews about emerging trends.

In February, GALA Games experienced remarkable growth, with its value surging by 117%, defying criticism from mainstream sources. Despite challenges in the cryptocurrency and NFT markets, the play-to-earn (P2E) gaming sector demonstrated its resilience, with certain P2E games maintaining their economic systems amid the crypto market downturn.GALA Games, a prominent player in the P2E sector, has been a standout success. GALA enables players to have control over P2E games, gameplay mechanics, and in-game assets through blockchain technology. According to data from Cointelegraph markets pro and Tradingview, GALA's price increased by 117% from its low of $0.177 at the beginning of the month, reaching a peak of $0.384 on February 7th.Several factors contributed to this substantial increase and recovery. The P2E gaming sector is experiencing steady growth, with numerous new projects being launched, including GALA's support for upcoming titles like Spidertanks and Legends Reborn. The company's expansion into new ventures and partnerships also boosted investor confidence. Gala Games partnered with the 888innercircle community on Twitter, which comprises over 205,000 members interested in NFTs and digital collectibles. Additionally, GALA teamed up with Betwixt, a mental health gaming application, with Gala committing $1 million in funding.GALA's dynamic ecosystem, characterized by innovative user approaches, played a significant role in attracting more users. The introduction of new avenues for earning yield through gameplay and running Gala nodes contributed to the steady growth in user numbers. As of February 7th, the number of GALA users had tripled to reach 122,230, a substantial increase compared to the count on November 7th. This impressive performance underscores the resilience and potential of both GALA Games and the broader P2E gaming sector.

In this year-end review of the blockchain gaming and Gamefi industry as 2023 comes to a close, we explore how the sector has fared and what lies ahead for 2024. This overview is the first in a series that will examine various facets of blockchain gaming's performance throughout the year.Gamefi and Blockchain Games: A New PhenomenonGamefi, often referred to as Web 3.0 gaming, is a burgeoning industry that allows players to earn digital assets and cryptocurrencies with real-world value. However, compared to the traditional gaming industry, which is massive, Gamefi is relatively young at just four years old. Its aspiration is to eventually rival or replace traditional games, but it has a long journey ahead to achieve mass adoption and mainstream recognition.According to recent reports from Q3 2022:Despite global economic challenges, the Gamefi industry exhibits promise and potential for recovery.The trading volume and activity within blockchain games remain small compared to traditional gaming.Blockchain activity on platforms other than Ethereum has seen significant growth.Ethereum Merge, along with the recovery of cryptocurrencies like ETH and Bitcoin, bodes well for blockchain games.Upcoming AAA-level games and developers in the Web 3.0 gaming space promise engaging experiences in 2023.Performance of the Blockchain Gaming Industry in 2024In terms of mass adoption in 2023-2024, the number of distinct active wallets is a crucial metric. These wallets surpassed one million in Q2 and Q3 of 2022, though it's unclear if they represent unique users. Nevertheless, this indicates a growing community and a solid foundation for blockchain games, suggesting continued development of NFTs and blockchain games in the coming years.How NFTs Performed in 2023-2024The year 2023 saw a bearish trend for NFTs, with declining transaction volumes and waning speculation. However, sales of NFTs on blockchain platforms other than Ethereum showed consistent growth throughout the year. This suggests that NFT speculation may have bottomed out, hinting at a more optimistic outlook for 2024.Status of New Blockchain Games in 2024Approximately 2,000 games are currently utilizing blockchain technology, indicating that blockchain games are still in their early stages. However, it's worth noting that game development is a lengthy process dependent on infrastructure, tools, distribution channels, and more. As a result, expecting rapid mass adoption will take time, but the industry is poised for growth, with fun and engaging games set to enter the Web 3.0 gaming space in the coming year.In conclusion, the blockchain gaming industry is making strides but has yet to achieve widespread adoption and compete with the traditional gaming giants. However, the potential for growth and innovation remains high, and the future appears promising for Gamefi and blockchain games as they continue to evolve and capture the interest of players worldwide. Stay tuned for more updates and news on blockchain gaming and related topics in 2024.

Blockchain gaming enjoys the high tide as Hong Kong-based crypto game studio Animoca Brands raises $360 million in a recent funding round.

Discover Square Enix's exciting plans for blockchain gaming and NFT projects, including an anniversary art collection and new NFT game.

Jam City, a mobile game developer, has entered into the blockchain domain with its new title Champions: Ascension.

Ubisoft pushes further with its plans with NFTs and blockchain by partnering up with Aleph.im. The partnership will bring playable NFTs

In a recent move by the authorities in South Korea, Apple and Google are asked to remove play-to-earn games from their respective stores

In a bid to create blockchain-based games, Zynga has entered into a strategic partnership with software maker Forte