Crypto Winter, also known as a bear market, isn’t happening anymore, it’s here. However, the broader blockchain gaming space remains resilient amid growing interest in so-called award-winning games and land sales for the metaverse.
According to the latest BGA Blockchain Game report from analytics website DappRadar, an average of 1.15 million UAW daily interacted with blockchain games in May. However, the number is down 5% from the previous month.
Defying the winter crypto trend, blockchain gaming has confirmed that it is the best place to navigate bear season. The report also notes that gaming macros point to a bullish scenario for the blockchain gaming system, where gaming dApps now account for 52% of all dApp industry activity.
This was on top of the new $1.4 billion pumped into Web3 games and the associated metaverse infrastructure in May alone. Another notable investment was the $725 million that Dapper Labs raised to expand the Flow ecosystem.
Cryptocurrency market cap fell below $1 trillion for the first time since 2020 — and in hindsight, a number of the big names in the crypto industry have painfully laid off workers. Likewise, activity in the dapps industry has fallen to its lowest level since last September, registering 2.22 million unique daily active wallets (UAWs).
The metaverse of gaming for profit continues to attract huge investment, and on-chain metrics and macro events point to a positive outlook for the blockchain gaming industry.
According to DappRadar x BGA Blockchain Games May 2022 report, Splinterlands maintains its position as the best blockchain game with 350,000 UAWs per day in May while taking a major step towards decentralization.
The report says Illuvium made $72 million from its first land sale, demonstrating the benefits of Layer2 solutions like Immutable. The developers of the game managed to sell the first plots of land in the game despite the unfavorable market conditions.
Games growth will outlast the cryptocurrency market
Another milestone booked for STEPN, which has 2 million monthly users as the Move to Earn (M2E) model continues to add to exercise enthusiasts. As the name suggests, M2E allows users to earn token rewards based on their physical activity.
Along the same lines, Splinterlands was the most played blockchain game in the industry according to on-chain activity, attracting 350,000 UAWs per day, down just 4% from the April figures.
In addition, the report states that Galaverse is revealing major plans for the Gala ecosystem, including GRIT, Project Saturn, and major updates for TWD Empires and Mirandus.
Axie Infinity, was the most played blockchain game based on off-chain activity. I can still feel the consequences of breaking through the Ronin Bridge. Axie’s on-chain activity is down 39% from April, but still 55% higher than May 2021.
“Blockchain games have proven themselves to be a true survivor during this bear market. We are about to finally see a fair amount of blockchain games with truly immersive gameplay mechanics that take entertainment to the next level. The report concludes that we will complete the transition from playing to winning, playing and winning.”
Developed in collaboration with the Blockchain Game Alliance (BGA), Blockchain Games Report #5 describes the factors driving the blockchain ecosystem, using metrics and data to create an understanding of the latest trends. The report summarizes various market scenarios to provide a basic overview of the market as it relates to DeFi, NFTs, gaming, and everything in between.