DappRadar: Blockchain Gaming sector is least affected by crypto winter

Blockchain gaming avoided the ensuing bear market and instead increased its count by 9.51 percent in the second quarter of 2022.
Blockchain gaming avoided the ongoing bear market and instead increased its count by 9.51 percent in the second quarter of 2022.

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Blockchain games and metaverse projects are one sector in which cryptocurrency market participants are still bullish despite the current bearish trend. Blockchain gaming avoided the ongoing bear market, according to the most recent report from DappRadar, and instead increased its count by 9.51 percent in the second quarter of 2022. In fact, Q1 and Q2 saw investments of $2.5 billion.

The bear market weeds out pointless frills and makes it possible for genuine ventures to stand out, but it also severely damages the portfolios of both large and small investors. The month of June will be remembered among the worst months in the history of the sector, and even the blockchain gaming sector felt the pinch, recording the lowest monthly investment of barely $500 million in June.

Moreover, the gaming industry sends far more transactions overall to smart contracts than other industries like DeFi, gambling, exchanges, and marketplaces. The number of gaming transactions per day has been above 24 million throughout July as well.

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A bright future for Blockchain gaming 

Skirmantas Januskas, the CEO of DappRadar, stated that the company believes that “blockchain gaming is going to be key in the next two or three years and is going to bring at least 100 million new users into crypto, for one simple reason, they connect NFTs and DeFi.” He added:

“With all three combined, blockchain gaming, NFTs and DeFi, you will see something genuinely new and exciting.”

According to the report, user wallet (UAW) activity has decreased by 7% during Q1, but the users are still interacting with decentralized blockchain applications at a rate similar to what they were doing before the Terra implosion. In addition, since Q1, the quantity of NFT transactions related to gaming has dropped by 51%.

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Several big names are recognizing the potential Blockchain gaming carries. In February, the crypto exchange giant FTX US hired software developers for its blockchain and gaming unit. Last year in October, Venture Capital firm Bitkraft launched a $75 million investment fund for blockchain gaming.

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