Blockchain games are still performing well even though crypto projects were down due to the recent market crash. Since May, the market has been in a downtrend, but blockchain games were coping with the market, indicating independence from the trend.
Every bear market crushes the small investor’s hope to get rich quickly, but one thing it also does that needs to be done is weed out unnecessary frills. It does cripple portfolios of investors but enables legit projects to shine.
This market condition is no different from the other – we are seeing a crypto downtrend, and yet metaverse projects and blockchain games are not being affected, making us more bullish than ever on the space.
Blockchain games ramped up by 9.51% in Q2 despite the bear market. The space also saw $2.5 billion invested in the first and second quarters this year.
This June’s down market was a little different from the other crashes we’ve seen so far in the crypto space. We saw blockchain games register the lowest levels of investments with $500 million.
CEO DappRadar made the following statement on recent investments in blockchain games:
“We think that blockchain gaming will be key in the next two or three years and will 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.”
Since Q1, we’ve seen a decline of 7.1%, which is – when compared with the recent crypto turmoil – is not as much. This indicated that blockchain gamers are still active in this space, just like they were before the Terra Luna explosion.
We saw the sales volume of NFTs drop to 82%, while the transactions dropped to 51%. When it comes to transactions of blockchain games, we saw that smart contracts host higher levels than exchanges and DeFi. Also, blockchain-based gaming transactions stayed above 24 million per day.
According to the states shared by DappRadar, developers were mostly attracted to Solana for efficient processing speeds, low carbon print, and low transaction fees. Recently, the Solana network was down multiple times, but that didn’t stop the community from trusting the blockchain, and hence, the activity has increased by 311%.
To calculate the growth of blockchain games and have an idea of how well blockchain games are performing, let’s have a look at one of the most prominent players in the space – Vulcan Forged.
The Vulcan Forged Ecosystem
How Blockchain Gaming Is Growing The Gaming Sector
Blockchain Gaming Is Emerging More Than Ever
Vulcan Forged: A Pioneer In Blockchain Gaming?
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