Telegram, the known messaging platform, has increased its dominance in the cryptocurrency market since the beginning of this year. As per recent data, its share in the Web3 gaming industry has surged significantly over time.
Game 7, a blockchain gaming-related firm, noted in its recent report that developers and publishers seem heavily leveraging Telegram to boost user base, retention, and engagement.
Naavik and Game 7 collectively found that over time usage of Telegram has grown, which might trouble the market share of Apple and Google which continues to impose hard and tough regulations over app stores.
Is Web3 Gaming Still Struggling?
The collective study by both firms underlines that Arbitrum and Immutable remain the ecosystem that has seen an immense surge in the Web3 gaming category.
It is worth noting that Immutable has registered a year-on-year growth of 78 percent followed by Arbritum with an increase of 68 percent. Blockchain experts also argue that due to the constant advancement of decentralized technology, Web3 games and gaming have marked several new milestones.
However, after referring to Rootdata it became easy to say that the funding raised or granted to the crypto gaming industry grew 17 percent in the third quarter of 2024 compared to the previous quarters.
Earlier in October 2024 it was reported that Crypto Dragon, a blockchain-based game, had recorded a sudden spike in transaction volume.
The Web3 gaming market is set to grow rapidly, with projections estimating an increase from $10.2 billion in 2024 to $304.3 billion by 2033, reflecting a compound annual growth rate (CAGR) of 67.7 percent.
This burgeoning market merges blockchain technology with gaming, paving the way for a transformative industry. Research by DappRadar shows that the Web3 sector gained momentum in Q2 2024, with daily Unique Active Wallets on the rise.
Hundreds of companies now offer Web3 and blockchain-based games, with top players including Mythical Games, Animoca Brands, Pixels, The Sandbox, Planetarium, and Azra Games, among others.
Mythical Games stands out in the blockchain gaming space, especially for developing popular titles like ‘Blankos Block Party’ and ‘NFL Rivals,’ the latter created in collaboration with the NFL.
With over 100 million registered users and more than 10 million monthly active users, The Sandbox is a decentralized, community-driven gaming platform built on the Ethereum blockchain. It empowers users to create, sell, and own digital assets and immersive experiences.
When writing the crypto market capitalization was $3.01 trillion after adding 3.38 percent in the past 24 hours. At the same time, Bitcoin was trading at $91,114 surging more than 21 percent in a month. Its market capitalization grew more than 3.56 percent reaching $1.80 trillion.
The total crypto market volume over the last 24 hours is $304.32B, which makes a 20.70 percent increase. The total volume in DeFi is currently $12.05B, 3.96 percent of the total crypto market 24-hour volume.
The volume of all stablecoins is now $281.45B, which is 92.48 percent of the total crypto market 24-hour volume.
