GameFi continues to grow despite crypto winter: DappRadar report

0
140
Advertisement

Blockchain gaming was the subject of the latest DappRadar x BGA Game Report #5, which was published on Tuesday. The report looked at healthy ecosystems and investments coming into the GameFi and metaverse markets.

Several projects are covered in detail in the report, which outlines their continued success and growth. Splinterlands, Illuvium, Galaverse, and STEPN continued to bring new players to their platforms, gain financial benefits and expand their businesses.

DappRadar claimed that a common feature among many of these popular projects was the primary tool provided by the gaming side itself. GameFi and Metaverse projects are beginning to use non-fungible tokens (NFTs) and cryptographic tokens in ways other than purely speculative—one example being the NFT boots on the STEPN move-to-win (M2E) project, which can be bought and sold in the STEPN metaverse, potentially To provide some incentives in addition to the aspects of playing the game.

The report notes that the gameplay, by itself, showed, at least in part, benefit in the context of the Metaverse in the second quarter of 2022. Due to the Bitcoin drop in early June, the Illuvium blockchain sold 20,000 plots, generating 4,018 Ethers ( ETH) for its developers, valued at $72 million at the time of the sale. The report suggested that Splinterlands has held 350,000 unique daily active wallets (UAW) since May, showing a slight 4% decrease from April.

Investments continued to get into space, too. A16z and Dapper Labs have invested $1.3 billion in GameFI technologies and the metaverse, and they seem to indicate continued investment capital interest and support. The Flow decentralized blockchain has also received an investment of $725 million from Dapper Labs to support its Metaverse-related initiatives such as the NBA Top Shots.

Technologies associated with the Metaverse still appear to be in their incubation period and likely have a long way to go. Interoperability issues, security concerns, legal clarity, uses and misuses, market instability, and weak market sentiment remain major obstacles to emerging technology.

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here