The volatility of the crypto space can’t be escaped, the sudden upticks followed by massive downturns in the CeFi and DeFi crypto price graphs prove that. It is not the case with the blockchain gaming sector, however. Dappradar did a study recently covering the blockchain gaming sector, finding that the domain is highly resistant to the sudden changes in the crypto market. In fact, the market has continued to see bullish sentiments – so much so that there are new investments coming in.
Dappradar Q2 – 2022 report about Blockchain Gaming shows good news
The fall of terra created a chain reaction – pulling down every other crypto asset with it. What was once a sector that prided itself upon lack of regulations has begun to welcome it. Bitcoin is hovering above $20k levels but breaching them now and then, and the inflation rate has reached double digits in some places.
In the face of these events, Dappradar’s Q2-2022 report showing that blockchain gaming still has hope is a breath of fresh air. The report says venture capital firms have invested more than $2.5 billion into the blockchain gaming industry. The crypto VCs have continued to remain bullish about the niche since Q1 of this year. Within the first six months, the total investment in the gaming arm of blockchain has risen to $6 billion.
To get this figure into context – 2021 saw an inflow of $4 billion in blockchain gaming in total, a figure that VCs have surpassed within the first six months of this year.
Dappradar’s report says that by the end of the year, more than $12 billion will be poured into the blockchain’s gaming bucket.
Top Blockchain Games in the Market
Dappradar provides insight into the popular blockchain games that have received the most interest this year.
- Splinterlands: Currently the most played blockchain game, Splinterlands may reach the UAW (Unique Active Wallets) of 283,729 by the end of this year. The June bear market dropped the user base by 61%, but the game remained strong in the second quarter. The game’s primary focus remains on long-term growth and offering more engagement to the players – factors sure to push the crypto game’s value.
- AlienWoods: In the second place is AlienWoods. There is a 4% drop in UAW, but the general sentiment about the game remains bullish.
- Farmers World: Ranking in third place in the Dappradar’s report is Farmers World, with over 33% increase compared to last year.
The news is not on the up and up for all games, though. Axie Infinity, the game that pioneered Play2Earn, lost 83% of its userbase in the second quarter. The recent $600 million hack earlier this year also didn’t help its cause.
The news on the gaming NFT front is not so Bright
The bear market has made people reconsider their interest in Non-Fungible Tokens – dropping the sale of gaming NFTs by 29% from Q1 2022. The silver lining here is that the overall interest in NFTs is down by 82% from last year, which makes a drop in the demand for gaming NFTs not so big.
In a bid to fuel the sales, NFT projects have resorted to freemint – putting the minting fee of an NFT collection to zero.
The Crypto Crowd Remains Hopeful Despite the Bear Market
Speculation and hope (sometimes almost blind) have been the fuel for crypto, pushing blockchain gaming even during these bearish circumstances. Crypto enthusiasts are still unwilling to give up and are bullish about investing in the projects they trust. While the rewards of this faith remain to be seen, we must watch the blockchain gaming markets closely for now. It is just a matter of time before Bitcoin stabilizes– putting the rest of the market back on track.
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