December 6, 2022

Facebook’s Metaverse announcement is giving blockchain games a boost

  • Axie Infinity has earned %190.9 million in revenues over the past 30 days, surpassing OpenSea.
  • Facebook’s metaverse announcement last year has put many blockchain games on the growth path.
  • The AXS token reached an all-time high of $162 after the Facebook rebrand.

Decentralized games play an important role in the future metaverse that men like Facebook chief executive Mark Zuckerberg want to build. But they have also been opposed by gaming companies like
Valve, which banned blockchain-based games from Steam recently. But these companies may find it more difficult to argue against these games if they keep racking up the numbers in terms of revenues.

To that end, popular
blockchain-based game Axie Infinity has surpassed NFT-platform OpenSea in 30 day revenue numbers for the first time, according to crypto journalist Colin Wu, who
cited data from Token Terminal, a data analytics platform for crypto assets.

“In the past 30d, Axie Infinity continued to lead the way with $190.9 million in revenue from Dapps. With the cooling of the
NFT market, dYdX surpassed OpenSea with 30d $66.9million in agreement income,” Wu noted on Twitter.

In comparison, OpenSea, which is one of the biggest NFT-auctioning platforms in the world, earned $66.9 million during the same time.

NFT games on the rise

Axie Infinity has been growing fast over the past three months, with over 200% revenue growth in the last three months. Mark Zuckerberg’s plans to shift Facebook’s focus to building the metaverse, led the game’s token – AXS – to its all-time high price of $162. Facebook rebranded to Meta last week, and said it plans to focus on virtual reality and augmented reality products to build the metaverse. The AXS token has appreciated by 200% over the past three months.

Facebook’s metaverse plans may help the social media giant in future, but at the moment it’s helping blockchain game developers. Axie Infinity isn’t the only game that has seen such growth. Decentraland’s MANA has gained a whopping 300% since Facebook’s rebranding, less than a week ago.

According to
DappRadar, four of the top 10 games in terms of volume have gained more than 20% users in the past seven days. One game, called Wanaka Farm, has increased its user base by over 500% in the past seven days, while Axie Infinity’s use base itself has grown by 5% at the same time period.

NFTs have often been touted as an essential tool in the future of multiplayer gaming. Since they signify ownership for digital items, game makers can use them to sell in-game items, etc. and hence protect them from being hacked or stolen in other ways.

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https://www.businessinsider.in/cryptocurrency/news/facebooks-metaverse-announcement-is-giving-blockchain-games-a-boost/articleshow/87465794.cms