The Blockchain games were not affected as much as the rest of the crypto projects by the recent market turmoil and they are coping with the bear market better than the other parts of the market, as we can see from the reports by DappRadar in our cryptocurrency news today.
The bear market weeds out the unnecessary frills and enabled legitimate projects to show up while in the meantime, crippling the portfolio of investors. The ongoing market conditions are no different but oen vertical that the participants remain bullish on is the metaverse and blockchain projects. According to the reports, blockchain games sidestepped the bear market and ramped up the count by 9.51% in the second quarter of the year and $2.5 billion were invested in the first and second quarters.
June will go down in the history as the worst month for the entire industry where even blockchain games saw the pain and registered the lowest levels per month of investment with $500 million. Weighing on the latest figures, the CEO Skirmantas Januskas of DappRadar commented:
“We think that blockchain gaming is going to be key in the next two or three years and is going to bring at least 100 million new users into crypto, for one simple reason, they connect NFTs and DeFi. With all three combined, blockchain gaming, NFTs and DeFi you will see something genuinely new and exciting.”
The Blockchain games were not affected as much by the recent crypto turmoil as the report outlined a decline of 7% in the users’ wallet activity since Q1. this indicated that the users will continue to engage with blockchain decentralized apps at the same rate as before the Terra explosion happened. The amount of gaming-associated NFT transactions also took a hit by 51% and the sales volume dropped by 82%. The total number of transactions sent to the smart contracts of the gaming sector is higher than other categories like exchanges and DEFI so, over the month, transactions in gaming also managed to stay above 24 million per day.
DappRadar revealed that Solana attracted most NFT and game developers so this trend can be attributed to low-cost transactions and efficient processing speeds, despite the network outages, blockchain activity increased by 311%. Owing to the vibrant gaming community, WAX also saw a lot of traction and the blockchain activity increased by 6%. Decentraland holds most popularity in North America as well as places like Iceland, Germany, Austria, and Lichtenstein. Axie Infinity managed to allure the users in the South American countries while Sandbox gained popularity in China. The football game Sorare gained popularity in Italy and France.
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