Blockchain-based games are seeing an increase in users despite bear market conditions
Bear markets are always tough, but one of the positives is that they remove the clutter, and this allows legitimate projects to stand out.
While most investors are focused on the latest centralized finance (CeFi) and decentralized finance (DeFi) scandal, the blockchain gaming sector has quietly been better than other niches in the market.
As shown in the chart above, all sectors of the market have experienced a noticeable decline in active users, but the gaming sector has proven to be the most robust to retain users as the bear market intensified.
Transactions continue to increase
Further evidence of the continued commitment of players can be found by looking at the number of transactions taking place in the top sectors of the market.
With a current figure of 173.17 million, the number of game-related transactions is significantly higher than any other sector in the market, with the second closest sector decentralized finance at 8.86 million.
In terms of which protocols contribute the most to the number of transactions, WAX, Hive, BNB Smart Chain (BSC), Solana (SOL) and Ronin are the most active, led by WAX with a current transaction figure of 158.23 million.
While the total transaction value is still dominated by exchanges, an increasing number of users who are currently active in the crypto ecosystem can be found in the gaming sector.
WAX and BSC attract new users
Data show that users are particularly drawn to WAX and Binance Smart Chain, which saw 2.94 million and 2.49 million users.
Alien Worlds on WAX and BNB Chain currently has the top spot with 196,700 users, followed by Splinterlands with 147,820 active users. It is also worth noting that the top three games for active users operate on WAX.
Although it has fallen far down the list, Axie Infinity (AXS) has consistently been one of the most active games over the past year and a leader in transaction value.
Related: Volumes increase by 205% in Axie revival as co-founder claims the project is “healing”
Gaming is bigger than music, movies and TV combined.
It increases by 10% from year to year.
The $ 100 billion a year spent on “renting” items is going to be a trillion-dollar economy.
Everything will be built on web3. pic.twitter.com/TQz6xxa8hx
– Robbie Ferguson ⓧ – Hiring! (@ 0xferg) June 30, 2022
Despite the sharp correction in blockchain game-related altcoins, gaming has proven to be one of the more robust sectors when it comes to retaining active users.
This fact, combined with the growing popularity of the gaming industry, suggests that it is a sector that has the potential to lead the way into the next beef market.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.
