Alethio Weekly Newsletter

Welcome back to the Alethio Analytics newsletter! Each week, we’ll be sharing updated data & insights around compelling on-chain activity. Hope you enjoy! Please sign up on our website if you’d like to receive updates each week.


Growth & Overlap of Ethereum Game Users

This past summer, we released a study of the growth of the defi community and the relationship between users. We were able to visualize which addresses had interacted with multiple defi protocols, and overall we depicted a network graph of the ecosystem. 

We can do something similar with any set of mainnet protocols, and decided to apply the same methodology to the burgeoning Web3 gaming ecosystem. We started with four popular protocols: Cryptokitties, Decentraland, Gods Unchained, and Plasma Bears.

Non-fungible ERC721 tokens are an important component of all of those games, and we looked at the relationship of ERC721 token holders [we included a couple of ERC20 tokens for Decentraland and Gods Unchained]. We focused on activity starting in January 2018, immediately after the Cryptokitties boom.
Looking just at ERC721 tokens, Cryptokitties [CK] stands out with ~55k unique addresses, even after the boom of late 2017. When we take into account Decentraland’s MANA (ERC20), however, we find a considerable community behind Decentraland, with +65k unique users between the ERC721 LAND and ERC20 MANA tokens. The steady attention behind Gods Unchained [GU] appears as a considerable community (in blue), with +3k ERC721 token holders and an additional 1.5k holders of a tournament pass token. Plasma Bears is barely a blip on the radar, with <200 unique addresses interacting over the last two years.

Looking at user overlaps lets us see the nuance of the Web3 gaming community. Though an incomplete story - as one user could use two separate addresses to interact with different games - we can at least observe trends and behaviors. Decentraland and Cryptokitties have the largest user overlap, with +2k addresses holding and/or transacting with both sets of tokens (note: specifically, the overlap is largest with Cryptokitties’ ERC721 and Decentraland’s ERC20). If we look just at NFT overlap, we see that CK and GU stand out, with 1.5k shared unique addresses. In early 2019, CK and GU 
announced a cross-protocol collaboration, allowing users’ Cryptokitties to become statues in the Gods Unchained game. We have not yet analyzed how much the collaboration lent itself to the 1.5k shared addresses, but the announcement did highlight the interoperability and the unique opportunities of a gaming ecosystem built on top of a shared platform like Ethereum. 

A quick look at ERC721 & ERC20 token trading activities in the chart below also highlights the continued (if not occasionally volatile) dominance of Cryptokitties, with moments of being overtaken by Gods Unchained and Decentraland (particularly, GU most recently).
All of this is to say: there’s a lot more to investigate within communities and networks on the Ethereum protocol. Although these specific ERC721 charts are not yet available on our Tableau, check out similar data visualizations of defi, security, network activity, and more:
Alethio's Data Dashboard
And, as always, follow us for more updates and information, and check out our website for more information.
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