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.