Blockchain Gaming Stands Firm As Crypto Market Staggers
Investments in blockchain initiatives have been patchy, but GameFi is one industry that is sustaining development despite the market’s decline.
The blockchain gaming industry has quietly weathered the storm better than other market segments, despite the fact that the majority of investors are focused on the most recent scandals involving centralized finance (CeFi) and decentralized finances (DeFi)
Blockchain Gaming Triumphs
The blockchain gaming sector has grown by 2,000% since the first quarter of 2021, according to a recent data by DappRader and BGA Games, and it 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 like Ethereum is a significant factor in the recent popularity of blockchain gaming. Players amass in-game NFTs in many of these games, which they can exchange for cryptocurrencies and fiat money. Nowadays, it’s not unusual to see people of all stripes in the Philippines boosting their income by participating in these play-to-earn games.
All industry sectors, as depicted in the chart, have seen a discernible reduction in active users, but the gaming sector has demonstrated to be the most tenacious at keeping consumers as the bear market got worse.
While the blockchain gaming sector fell by only 5%, the entire industry decreased by 26%. The report noted:
“This is a bullish indicator for blockchain games as many have speculated that game dapps would lose most of their player base if they stop being financially profitable to the average user. It was proven not to be the case. “
The blockchain game with the most players is Splinterlands. Over 350,000 individuals had been actively using it every day for the past eight months, with just a modest 4 percent decline.
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