Web3 gaming had a rocky April as virtual land plummeted and on-chain gaming activity fell by 10%. Although, perhaps it is not such a surprise considering the recent obsession with meme coins.

So far, blockchain gaming has had a relatively positive year, at least compared to 2022. However, according to the latest DappRadar report on Web3 gaming, things could be going a little better.

Web3 Gaming Resilience

DappRadar, a blockchain analytics firm, tracked a 10% decrease in on-chain gaming activity during April, with a recorded average of 672,000 daily unique active wallets (UAW). However, games maintained their dominance, accounting for 38% of the on-chain activity.

In even worse news, virtual world trading fell through the floor in April, with trading volume declining by 74% from March to $41.4 million and 16,149 land sales.

Metaverse Land Dwindles

DappRadar attributes these declines—in part—to the recent change in focus and liquidity toward meme coins. If true, it would demonstrate how relatively small and insular the communities around digital assets are. 

According to their analysis, traders were selling off their virtual land to join the meme craze, which saw many traders make huge returns. Increased chain activity pushed up transactions, further reducing the liquidity of low-value
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Author: Josh Adams

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