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0 CommentsBlockchain gaming and metaverse projects seem to have been making over the bear market much better than the other market niches. Despite the crypto market crash, the GameFi sector has spiked by 9.51% in the second quarter of 2022.
According to a new report from DappRadar, blockchain games have sidestepped the ensuing bear market and instead ramped up their count by 9.51% in the second quarter of the year. As a result, $2.5 billion were invested in both Q1 and Q2.
This June became the worst month for the crypto industry, and even the blockchain gaming space felt the pain registering the lowest per month investment with only $500 million.
“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,” DappRadar’s CEO Skirmantas Januskas noted.
The report also revealed a plunge of 7% in users’ wallet (UAW) activity since Q1. This indicated that users continue to engage with blockchain decentralized applications at roughly the same rate as before the Terra implosion. At the same time, the amount of gaming-associated NFT transactions have taken a hit by 51% since Q1. The sales volume has also fallen by 82%.
Moreover, the total number of transactions sent to the smart contracts of the gaming sector is way higher than other categories such as DeFi, gambling, exchanges, and marketplaces. Throughout this month as well, transactions in gaming have managed to stay above 24 million per day.
Solana has been the most successful at attracting new game and NFT developers, likely thanks to the low cost of transactions and high processing speeds. In fact, despite several network outages that it experienced, its blockchain activity skyrocketed by 311%. It is believed that the project’s gaming community is responsible for this increase in activity.
Also, significant traction was noticed with a project called WAX, with its blockchain activity increasing by around 6% since May 2022.
As of demographic, Decentraland holds most popularity in North America, as well as in countries like Austria, Germany, Iceland, Latvia, and Lichtenstein. Axie Infinity, on the other hand, has managed to allure users in Central and South American countries. Meanwhile, Sandbox has garnered popularity in China. The fantasy football game, Sorare has gained a foothold in countries like France, Italy, and Switzerland, as with many football fans across Europe.
