4 - 6 minute read
In the world of blockchain gaming, Polygon has emerged as a major player, witnessing a surge in user activity that has seen it earn the distinction of being the second-largest gaming blockchain in March 2023. The number of unique active wallets on Polygon, which represents a key metric for blockchain gaming platforms, rose to 138,081 in March, a staggering 53% increase from February.
These impressive figures have propelled Polygon ahead of other platforms like Hive and the BNB Chain, although it still trails the leader WAX by a significant margin, which has maintained its dominance with 314,000 unique active wallets. While Polygon is primarily known for its DeFi DApps, it has now proven to be a legitimate gaming blockchain, a fact confirmed by the Blockchain Games report by DappRadar.
The increase in user activity on Polygon has largely been attributed to the success of Hunters On-Chain, a game developed by BoomLand that has undergone a staggering rise in popularity in just a few short months. Hunters On-Chain is a free-to-play RPG game designed for NFT integration with a similar visual style to Minecraft.
Since the game’s launch in January, its unique active wallets component has increased by over 17,000% in the past 30 days alone. On a single day in March 2023, the game boasted a UAW count of approximately 55,300. While it is uncertain what drove this surge in interest, an upcoming in-game NFT sale may have contributed to the growth of Hunters On-Chain.
The surge in user activity on Polygon is significant, but it is not happening in isolation. On-chain gaming activity has decreased by 3.33% in March, with daily Unique Active Wallets (dUAW) hitting 741,567. However, games still account for 45.6% of the DApp industry activity in the first quarter of 2023.
Polygon’s bullish momentum has been gathering pace over the past few months, with NFTs, gaming and the Metaverse becoming a significant focus for the network. Polygon Labs, the team behind Polygon, has developed a long list of high-profile partnerships with companies like Starbucks, Adidas, Reddit, and Adobe, highlighting the growing importance of NFT projects for the network.
Furthermore, the Polygon team launched its open-source Ethereum Virtual Machine equivalent zero-knowledge rollup on March 27th, an important move that has unlocked higher performance while simultaneously reducing gas fees for transactions on the network. The zero-knowledge rollup operates by batching transactions from developers in a secure manner, resulting in faster and more efficient transactions.
What Does This Mean for Traders of Polygon?
For traders, the recent increase in user activity and bullish momentum around Polygon is a clear indication of a growing interest in blockchain gaming, NFTs, and the Metaverse. Polygon’s focus on gaming and NFT projects has established it as a key player in the industry, as evidenced by the rise of Hunters On-Chain.
As Polygon continues to perform well in gaming and NFTs, investors should consider this as a favorable opportunity to invest in the network. Additionally, Polygon’s performance in optimizing the Ethereum Virtual Machine equivalent zero-knowledge rollup can considerably reduce transaction fees, making it an attractive prospect for traders and investors alike.
The recent surge in user activity on Polygon, particularly in gaming, has been a significant development for the network. This surge has resulted in it emerging as the second-largest blockchain gaming network in March 2023, behind WAX.
The growth has largely been attributed to Hunters On-Chain, a free-to-play RPG game. Polygon’s focus on NFT projects and gaming, alongside its recent improvements in performance, has positioned it well for future growth. It is an excellent opportunity for traders and investors to engage in the network and gain significant returns on investment in the days ahead.