Earlier today, DappRadar, a crypto analytic firm, reported that metaverse programs and games based on blockchain seem indifferent to the hash crypto market. The report said the two niches are performing better than other crypto niches.
Blockchain Gaming Department Thrives in Bearish Market
According to the report, the prevalent bearish market has revealed many projects’ ability to stand adverse conditions. However, it has also endangered many investors’ institutional and retail portfolios.
All departments of the crypto industry faced a general downturn. However, two departments seem to stand out; the metaverse and gaming department.
DappRadar reported that the crypto gaming department recently rallied up to 9.51% of its count in Q2. Interestingly, users invested about $2.5B in the department in the first half of 2022.
Even though the gaming department seems to be thriving, it also felt the impact of the harsh market condition. It reportedly recorded a low $500M investment this month which was lower than usual.
DappRadar CEO Says Gaming Would Entice More Crypto Users
Considering the department’s performance, Skirmantas Januskas, CEO of DappRadar, tweeted his opinion. He believed the gaming department would be a critical factor in enticing more than 100M people to the crypto industry in the next couple of years.
He said its main enticing power lies in its connection with NFTs and DeFi. He concluded the combo of NFTs, gaming, and DeFi would be too exciting to ignore.
According to the report, the gaming department witnessed about a 7% activity reduction in users’ wallets since the first quarter. This indicated that the department engagement rate before and after Terra’s crash remains relatively the same.
It also witnessed a decrease in gaming-related transactions by 51% and sales volume reduced by 82%. However, with its massive loss of engagement, it performs exceptionally compared to other departments like DeFi, marketplaces, etc. Also, gaming-related transactions have remained above the 24M price level daily.
Solana Attracts Game And NFTs Developers
In the report, DappRadar revealed that Solana is the new favorite crypto for the game and NFT developers. Solana has low transaction charges and fast transaction speed, and a vibrant community.
Blockchain activities increased by 312% on the platform despite several network failures. In terms of region, Decentraland is most prevalent in N. America, Germany, Latvia, and Austria.
However, in South and Central American countries, Axie Infinity dominates. Sandbox is more prevalent in China. Sorare, a fantasy game, is common among Italians, French, Europeans, and Swiss.