DappRadar: GameFi continues to grow despite crypto market turmoil

    According to the new DappRadar study, the latest turbulence in the crypto markets has not stopped investments and forward movement of the GameFi and metaverse sector. The report has also shown continued funds inflow into several major projects, such as Splinterlands, Illuvium, Galaverse, and STEPN.

    Published on June 21, the latest DappRadar x BGA Games Report #5 studied the field of blockchain games, looking at healthy ecosystems and investments coming into the GameFi and metaverse markets.

    The report has outlined the continued success and growth of several projects in detail, including Splinterlands, Illuvium, Galaverse, and STEPN. They have continued to bring new players to their platforms, gain financial interest and expand their businesses.

    According to DappRadar, a common theme between many of these popular projects was the underlying utility provided by the gaming aspect itself. GameFi and Metaverse projects have begun to utilize NFTs and crypto tokens in ways other than pure speculation — one example being the NFT shoes in the STEPN move-to-earn (M2E) project, which can be bought and sold in the STEPN metaverse, potentially offering some incentive in addition to the exercise aspects of the game.

    The gameplay itself has partially demonstrated utility in the context of the Metaverse in Q2 2022, the report revealed. As Bitcoin was declining in early June, the blockchain game Illuvium sold 20,000 land plots, generating 4,018 ETH for its developers, worth $72 million at the time the sale took place. Splinterlands has held 350,000 daily unique active wallets (UAW) since May, showing a slight 4% decline from April, the report suggested.

    Furthermore, the report has also shown investments have continued to inflow into the sector. For instance, A16z and Dapper Labs invested $1.3 billion into GameFI and metaverse technologies that indicate continued venture capital interest and support. Also, decentralized blockchain Flow raised a $725 million investment from Dapper Labs to support NBA Top Shots and its other metaverse-related projects.

    Recently, former Nintendo executive Reggie Fils-Aimé predicted that gaming companies are poised to be on the metaverse’s cutting edge. While Bloomberg Intelligence estimates the metaverse could be an $800 billion market by 2024, up from $500 billion in 2020.

    Also, the NFT and Web3 gaming-focused crypto startup Immutable Recently announced that it launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects building on its Ethereum Layer 2 scaling platform Immutable X.

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