Blockchain Gaming Still Standing Despite Market Decline With 2000% Gain

Blockchain Gaming quietly weathered the market storm while the public’s attention was focused on the collapse and scandals of CeFi and DeFi.

Blockchain Gaming is up 2000%

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. 

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.

“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.“

Report by DappRader and BGA Games said

A recent study revealed that Axie Infinity was the most searched NFT community in 122 countries, despite coming in fourth.

The volume of transactions taking place in the main market sectors provides more evidence of gamers’ ongoing involvement with a current count of 173.17 million, gaming-related transactions outnumber all other market segments by a wide margin. Decentralized finance (DeFi) comes in second with 8.86 million.

The most active protocols in terms of transaction count are WAX, Hive, BNB Smart Chain (BSC), Solana (SOL), and Ronin. WAX is now leading the pack with 158.23 million transactions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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