Blockchain Gaming Investments Surge, Reaching $739M In Q1 2023: Polygon Emerges As Major Player

The blockchain gaming industry has witnessed a 12.95% surge in investments, reaching $739 million in Q1 2023, according to a report. Despite a slight decline in on-chain gaming activity, the gaming industry remains a crucial contributor to the dapp industry's overall activity, propelling innovation and progress, an analysis by DappRadar suggests.

Timeline of Polygon

MATIC has traded sideways in the market in April, and did not possess any strong trend on the lower time frames. The volatility of the CPI announcement could drag MATIC downward, but a retest of a bullish order block could see demand for the token and present traders with an opportunity.

Blockchain scaling solution Polygon (MATIC) is currently witnessing its lowest levels of supply on exchanges in four years, according to the crypto analytics firm Santiment. Santiment notes in a new analysis that only 7.1% of MATIC's supply is currently sitting on exchanges, the lowest level since the crypto asset's introduction in 2019.

Like most cryptocurrencies, Polygon [MATIC] has experienced a significant price increase in recent times. But after the period of recovery for most of Q1, the token of the Ethereum [ETH] scaling solution faced a notable decline.

Reddit has launched its third-generation (Gen 3) NFT collection, featuring more artists working on the theme of futuristic realities. To date, the collections have attracted over 7.3 million wallets holding over 10.6 million unique Reddit avatars minted, with a total market cap value of roughly $74.5 million.

The recent sharp decline in the value of Polygon (MATIC) has caused a new wave of volatility in the crypto market, leaving investors uncertain of its future price trends. Although the token has recovered slightly, MATIC investors are still scrambling to find a safe haven amidst the market's uncertainty.

Data from the blockchain shows that around $109 million worth of Polygon ($MATIC) have been sent to wallets belonging to leading cryptocurrency exchange Binance over the past few hours, suggesting the cryptocurrency's price is set to undertake significant selling pressure. The first transfer involved the movement of 40 million MATIC, worth about $43.

MATIC Price Prediction: With the increasing FUD in the crypto market, the MATIC price downtrend has recently taken a slight detour and turned sideways. The price action moving with lower highs and higher lows within two converging trendlines has revealed an inverted pennant pattern formation.

In March, Polygon saw a surge in user activity, making it the second-largest blockchain gaming network in terms of unique active wallets. Polygon's Hunters On-Chain game, which has seen a 17,000% UAW increase in the past 30 days alone, was a significant contributor to this surge.

Polygon, Ethereum's layer-2 scaling solution, is swiftly emerging as a powerhouse in the gaming industry, thanks to a rise in user activity on its network. Polygon had a 53% growth in daily unique active wallets (dUAWs) last month, reaching 138,081 in March, making it the second-largest blockchain gaming network in terms of UAWs, according to DappRadar.

The rise of user activity on the Ethereum layer-2 scaling solution platform, Polygon, is causing ripples in the blockchain gaming industry. According to a recently published “Blockchain Games Report,” the number of unique active wallets (UAWs) using Polygon increased by 53% in March, reaching 138,081.