Blockchain games stand firm as the crypto market
Investments in blockchain initiatives have been incoherent, but GameFi is an industry that maintains development despite the market’s decline.
The blockchain gaming industry has quietly managed the storm better than other market segments, despite the fact that the majority of investors are focused on the latest scandals involving centralized finance (CeFi) and decentralized finance (DeFi)
Blockchain Gaming triumphs
The blockchain gaming sector has grown by 2000% since the first quarter of 2021, according to recent data from DappRader and BGA Games, and now accounts for more than half of all blockchain activity.
The growth of the play-to-earn paradigm made possible by non-fungible tokens (NFTs) on well-known blockchains such as Ethereum is a major factor in the recent popularity of blockchain games. Players collect NFTs in the game in many of these games, which they can exchange for cryptocurrencies and fiat money. Today, it is not uncommon to see people of all kinds in the Philippines increase their income by participating in these games to make money.
Total number of unique active wallets interacting with smart contracts. Source: DappRadar
All industrial sectors, as shown in the diagram, have seen a noticeable reduction in active users, but the gaming sector has proven to be the most persistent in holding on to consumers as the bear market got worse.
BTC/USD trades below $20k. Source: TradingView
While the blockchain gaming sector fell by only 5%, the entire industry fell by 26%. The report notes:
“This is a bullish indicator for blockchain gaming, as many have speculated that gaming dapps would lose most of their player base if they ceased to be financially profitable for the average user. It was proven that this was not the case.”
Related reading | GameStop launches NFT Marketplace
The blockchain game with the most players is Splinterlands. Over 350,000 individuals had used it actively every day for the past eight months, with only a modest decrease of 4 percent.
Top 10 Blockchain-based Games of Q2 2022. Source: DappRadar
The top five blockchain-based games were Splinterlands, Alien Worlds, Farmers World, Upland and Axie Infinity.
A recent study revealed that Axie Infinity was the most sought after NFT community in 122 countries, despite coming in fourth place.
Transactions increased
The volume of transactions that take place in the main market sectors provides more evidence of the players’ ongoing involvement.
With a current figure of 173.17 million, game-related transactions surpass all other market segments by a large margin; decentralized finance comes in second with 8.86 million.
Total number of transactions sent to smart contracts. Source: DappRadar
The most active protocols regarding the number of transactions are WAX, Hive, BNB Smart Chain (BSC), Solana (SOL) and Ronin. WAX now leads the herd with 158.23 million transactions.
Related reading | Play over: Ethereum GameFi activity collapses by 96%
Featured image from Getty images, chart from DappRadar and TradingView.com
