DappRadar’s Q1 2023 report for blockchain gaming showed a 9.7% decline in the number of unique active blockchain wallets. Blockchain gaming still dominates the Web3 industry with 45.6% share despite the decrease. In Q1 2023, non-fungible tokens (NFTs) showed a 137.04% increase in trading volume making it the highest since Q2 2022. The first quarter also experienced the much expected Arbitrum airdrop driving hype around decentralized finance (DeFi) before it experienced a big drop following the Silicon Valley Bank crash and the subsequent USDC depegging. The collapse of SVB sparked a conversation about stablecoin regulations. DappRadar, along with the Blockchain Gaming Association (BGA) launched a quarterly gaming report that provides a comprehensive analysis of the blockchain gaming industry’s performance in Q1 2023. Immutable and Polygon Labs have formed a strategic alliance to create a strategic alliance that aims to make web3 gaming faster, easier, and more accessible to developers. Developers can create high-quality games that support true asset ownership, making Web3 gaming accessible to millions of people worldwide. Ethereum dominates with $55.8 billion in TVL, an increase of 48.32% from the previous quarter, and representing 66.95% of the entire DeFi TVL. BNB Chain came in second place with an increase of 20.69%, reaching $7.2 billion in Q1 2023, with PancakeSwap still the most used dapp in the industry with 1.37 million UAW in March.