Blockchain Games Strongest Category Amid Crypto Market Downturn

0 3
Source: AdobeStock / ipopba

 

Blockchain games is the category within crypto that has resisted the industry downturn the most, with activity still being up 197% year-over-year, DappRadar’s Industry Report for May shows.

The sector’s resilience is clear despite a drop in the number of game transactions of 5% in May compared to the month before, DappRadar said, comparing the sector to the sharp decline in activity seen in decentralized finance (DeFi) and non-fungible tokens (NFTs).

It added that the top blockchain games have largely maintained their player base, with “real engagement” evident among players on the various platforms.

Meanwhile, the report also said that the gaming category has continued to see venture capital investments flowing in throughout the market downturn. This has helped keep the bullish momentum going for the sector, DappRadar noted.

As an example of the strong interest in crypto-based gaming, the report mentioned Otherside, a play-to-earn (P2E) metaverse project for the Bored Ape Yacht Club (BAYC) NFT community, saying that it generated USD 760m in May alone.

The massive revenue from the project helped make May the best month ever for metaverse NFTs, with USD 850m generated, DappRadar said.

Source: DappRadar

____

Learn more: 
– NFT Play-to-Earn Gaming Most Popular in India, Hong Kong, and UAE, Survey Finds
– Gaming Guild’s DAO Proposal to Refund Seed Investment Faces Backlash, Contract Breach Accusations

– Blockchain Games in 2022: Play-to-Earn, Gamification, Interoperability and Major Publishers
– How to Play Metaverse Games: A Beginner’s Guide to Decentraland

– Top 5 Play-to-Earn Games on WAX
– Japanese VC Firm Mistletoe Strengthens Crypto Focus, Says Web3 Will Spread to All Industries

Subscribe to our newsletter
Sign up here to get the latest news and updates delivered directly to your inbox.
You can unsubscribe at any time
Leave a comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy