As a seasoned analyst with years of experience in the crypto space, I find it fascinating to see how the landscape is constantly evolving. The recent data from Chainalysis revealing that only 4,000 ETH wallets deposited $5 billion into web3 casinos is indeed eye-catching.
In the year 2023, approximately 4,000 digital wallets amassed a total of $5 billion in cryptocurrency by interacting with online casinos and gambling platforms built on blockchain technology.
2023 data indicates that approximately 4,000 Ethereum wallets have collectively deposited an astounding $5 billion in cryptocurrency into Web3 casinos and gambling platforms, according to Chainalysis findings.
In a blog post published on August 5th, the blockchain investigations firm based in New York City found that prominent players significantly influence the operations of web3 gaming companies, typically exchanging approximately 7,000 dollars’ worth of cryptocurrency on average.
In the realm of web3 casinos, although only about 500 ‘crypto whales’ are actively involved, their investments are significantly large. On average, each of these whales contributes around $25,000 in cryptocurrency, adding up to a staggering $320 million collectively in the year 2023. This highlights a clear divide in the financial contributions between ordinary players and high-end clients.
Casino transactions mainly involve personal wallets
According to Chainalysis, a significant number of transactions in web3 casinos are handled through personal wallets. The vast majority of users deposit and withdraw funds from their accounts via these wallets. Furthermore, the report indicates that many players transfer funds between their personal wallets and cryptocurrency exchanges as well. More specifically, about 61% of deposits and 70% of withdrawals related to web3 casinos are made through personal wallets, while crypto exchanges account for approximately 38% of deposits and 29% of withdrawals.
Since numerous players choose not to conceal their transactions on the blockchain, businesses have the opportunity to examine their activities, as per Chainalysis. This could potentially provide companies with valuable insights about “their assets, spending patterns, and interaction across various blockchain networks.”
“Armed with this data, businesses can achieve improved customer segmentation, develop customized approaches, and gain a comprehensive understanding of actions outside the platform that are vital for user interaction.”
Chainalysis
For the last four years, cryptocurrency-based casinos (web3 casinos) have seen consistent growth in investments, amassing approximately $78.7 billion worth of crypto. Although this rapid expansion has taken place, Chainalysis has voiced concerns about potential hazards, warning that certain platforms might serve as conduits for money laundering activities.
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2024-08-06 11:10