Crypto has always been a volatile market, but the 2022 crash was a surprise even to industry veterans. BTC and ETH have fallen 70% below their highs. But what surprises analysts the most is that, unlike other markets, the user base of crypto games has risen significantly, despite the red market. Blockchain games were covered in the DappRadar x BGA Games Report #5, which examined sound environments and speculations in the GameFi and metaverse markets. Splinterlands, Illuvium, Galaverse, and STEPN continue to attract players to their platforms. These games aren’t built just for entertainment. Their NFTs and tokens have real-world utility and can become a source of passive income.
Solana Based Move to Earn (M2E) NFT Project STEPN & Illuvium Metaverse Generate Millions in Tokens
In terms of DappRadar, the gaming perspective is a typical subject among a significant number of these famous tasks. A number of GameFi and Metaverse projects have used nonfungible tokens (NFTs) and crypto tokens in other ways than the unadulterated hypothesis – one example is the NFT shoes in the STEPN move-to-acquire (M2E) project, which can be traded in the STEPN metaverse, perhaps serving as a motivator versus a simple activity reward.
In Q2 2022, the report shows that interactivity has demonstrated some utility relative to the Metaverse. Around the beginning of June, when Bitcoin was declining, the blockchain game Illuvium sold 20,000 land plots, creating 4,018 Ethers (ETH) for its designers, worth $72 million at the time.
A16z & Dapper Labs invest $1.3B into GameFi, as Splinterlands Holds 350,000 Daily Players
Splinterlands has held 350,000 players everyday since May, a slight decline of 4% from April. Speculation has continued. Dapper Labs and A16z invested $1.3B in GameFI and metaverse advances, showing continued commitment and investment support. Also, decentralized blockchain Flow got a $725 million investment from Dapper Labs to support its metaverse-related initiatives.
Metaverse-related innovations seem to be in a nascent stage and reasonable to expect a hard time ahead. Interoperability problems, security concerns, legitimate lucidity, misuses and abuses, market precariousness, and unfortunate market opinion continue to be significant obstacles for youthful innovation.
Via this site GameFi continues to grow despite crypto downfall – The Coin Republic
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
