While new blockchain technology, specifically Web3, is still under way, NFTs in video games are raking in billions of dollars according to a report released by BGA.
The gaming community has been eager to obtain NFTs by simply playing their favorite video games. Ever since digital currency was introduced into the gaming industry, the trading volume of NFTs jumped drastically, with over 20% of all transactions being made for gaming purposes. Better yet, that was only in the third quarter of 2021.
Based on the BGA report, one of the most booming metaverse activities was virtual land purchasing which hit $42.6M worth of sales only in the first half of 2021. Not only that, by the end of November, digital land dapps surpassed $4.6B, reaching its all-time high market cap.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Crypto Mining Rig? Is it Worth it? (EASILY Explained)
In fact, investments in NFT game companies had started to gain traction over the last couple of months. Animoca Brands, a video game company based in Hong Kong, raised just about $300M in the course of 3 months from large investors such as Ubisoft, Liberty City Ventures, and others.
Likewise, Dapper Labs and its NBA Top Shot project, hit $230M in total sales. However, the current titleholder of NFT gaming is Axie Infinity which has a total of about $4B worth of sales from in-game transactions.
As a matter of fact, even with regulations imposed by the government, multiple investors from China are eager to jump onto the NFT gaming train, with over a thousand companies registering trademarks related to the metaverse.
