In 2022, players from the Philippines accounted for over ** percent of Axie Infinity's total number of players. Venezuela had a growing number of Axie Infinity players, ranking second in terms of player share that year.

The Metaverse Blockchain Game market is experiencing explosive growth, driven by increasing adoption of blockchain technology, the rising popularity of NFTs (Non-Fungible Tokens), and the immersive experiences offered by virtual worlds. The market's rapid expansion is fueled by significant investments from venture capitalists and established gaming companies, leading to the development of innovative and engaging gameplay experiences that integrate cryptocurrencies, NFTs, and decentralized ownership models. This convergence creates unique opportunities for players to earn, own, and trade in-game assets, fostering a vibrant and economically active metaverse. Key players like Sandbox, Axie Infinity, and Decentraland are establishing themselves as leading platforms, each offering unique game mechanics and community engagement strategies. The integration of play-to-earn mechanics further incentivizes participation and drives market expansion. While challenges remain, such as scalability issues within blockchain technology and regulatory uncertainty surrounding digital assets, the overall market trajectory points towards robust and sustained growth throughout the forecast period. However, the market also faces considerable hurdles. The volatile nature of cryptocurrencies directly impacts the value of in-game assets, potentially leading to market instability. Furthermore, the technical complexity of blockchain technology can create barriers to entry for both players and developers. Regulatory frameworks surrounding virtual assets are still evolving, potentially creating legal uncertainties. Despite these challenges, the continued innovation within the gaming industry and the growing appeal of immersive virtual experiences suggest that the Metaverse Blockchain Game market will remain a dynamic and promising sector with substantial growth potential, exceeding initial projections based on current trends in gaming, technology and investment. A conservative estimate, factoring in potential challenges, predicts a significant increase in market value over the next decade.

The number of active wallets involved in NFT trading declined by more than ** percent between Q2 2023 and Q3 2023. This is a notable decline from the end of 2021 — when the number of users was estimated at nearly ***********. NFT trading surged at various moments. The first moment, in 2017, was connected to the popularity of collectible CryptoKitties whereas the second moment, in **********, had to do with media reporting the largest NFT sales to date. Activity in *********** was likely caused by sales of Axie Infinity, an NFT game that got so popular in Southeast Asia it even attracted the attention of the Philippine government. NFTs focus mainly on art and gaming Originally gaining prominence with art projects and tradable pictures, monthly NFT sales within art declined significantly as 2023 progressed. Largely this is an adjustment to the initial popularity of NFTs. By 2023, some main collectible art projects — such as CryptoPunks or Bored Ape Yacht Club (BAYC) — still ranked among the top 50 NFTs based on market cap. Noticeable is the high number of NFTs that are based on gaming. These tokens typically involve in-game rewards that can be traded for cryptocurrency. Tokenization solutions — such as virtual plots of land in metaverses like The Sandbox or Decentraland — ranked comparatively lower. OpenSea no longer the biggest NFT marketplace One of the standout developments in NFTs in 2023 was Blur taking over the position of biggest NFT marketplace worldwide. For years, this position belonged to OpenSea, with Blur taking over in February 2023 after debuting its stablecoin BLUR. This project launched only five months after Blur was established, and involved the airdrop of *********** worth of BLUR tokens to potential clients. This, combined with declining interest in crypto or NFTs after multiple scandals in both 2022 and 2023, led OpenSea to announce in November 2023 it would lay off half its workforce. As of Q4 2024, the number of active wallets involved in NFT trading is *******.

Transactions in NFTs were significantly lower in 2024 than during the summer of 2021 when several tokens gained popularity. Most of these transactions were likely related to play-to-earn Vietnamese video game Axie Infinity, which became the world's most valuable NFT collection in August 2021 - although its sales volume did decline since. The gaming segment reported the highest sales volume of the non-fungible token (NFT) market in 2020, with over *** times the sales in sports projects. The overall market cap of NFTs in 2024, however, was noticeably smaller. NFT in 2024: Searching for legitimacy While cryptocurrency and Bitcoin saw their interest surge in early 2024 after the acceptance of Bitcoin ETFs in the United States, the NFT market has been struggling. For the larger audience, non-fungible tokens still seemed to be confusing what they are supposed to do, whereas crypto increasingly found legitimacy. The slowdown in the NFT market led one of the world's largest NFT marketplaces, OpenSea, to lay off large parts of its staff in October 2023. Solana to pave the way for NFTs? One of the blockchain networks that is closely affiliated with NFTs in 2024 is that of Solana. The monthly sales volume of this blockchain outperformed that of Ethereum in ************, causing Solana's market share in the overall crypto market to reach its highest value ever. Solana's position comes from relatively low costs but especially high transaction speeds and the sizable airdrops from multiple projects. This attracted significant amounts of capital, further fuelling the network. Solana's growth may provide the framework for the NFT market as a whole, as it slowly seeks to take over Ethereum's position in this part of the decentralized digital asset world.