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Blockchain gaming sector remains resilient amid FTX meltdown saga
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Although the cryptocurrency market has only just started to recover from the aftermath of the FTX collapse and the ensuing crisis, the underlying technology has remained strong, especially where blockchain games are concerned.
Indeed, the user activity in Web3 games during October and November has accounted for nearly half of all blockchain activity (42.67%) across 50 networks, according to a new DappRadar report shared with Finbold on November 30.
In November alone, an average of 800,875 unique active wallets (UAW) were interacting with games’ smart contracts each day, recording a decrease of only 12% since September, during which the industry had 911,720 active wallets.
Unique active wallets’ activity. Source: DappRadar
That said, the current state still represents a decline as compared to the end of 2021 and early 2022. The Solana (SOL) blockchain suffered the most significant blow of all the relevant networks, as it saw a whopping decline in unique wallet activity of close to 90% during the month, with an average of 2,326 daily active wallets.
Funding continues on smaller scale
Despite the crisis, funds continued to pour into the blockchain games and metaverse projects, which raised $534 million in October and November, with the most investments directed toward building and maintaining infrastructure.
So far, the running expectations of investing in blockchain games for this year stand at around $8.16 billion, a 104% increase from the total of $4 billion in 2021. The fourth quarter of 2022 recorded the lowest amount of funding – $500 million.
As Finbold earlier reported, blockchain games and metaverse projects raised $1.3 billion over the course of the third quarter of 2022, which represents a decrease of 48% compared to Q2 2022.
Meanwhile, the total in-game trading volume of non-fungible tokens (NFTs) amounted to $55 million in October and November, with the popular blockchain card game Gods Unchained topping the list by generating 64.25% of the total trading volume, reaching $21.6 and $13.45 million in the two months, respectively.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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