Blockchain investments have been sporadic, but GameFi is one sector that is continuing to grow despite the market’s collapse.
Despite the fact that the majority of investors are focused on the most recent crises surrounding centralized finance (CeFi) and decentralized finances, the blockchain gaming business has subtly weathered the storm better than other market segments (DeFi)
The Blockchain Gaming Wins
According to recent statistics from DappRader and BGA Games, the blockchain gaming industry has risen by 2,000 percent since the first quarter of 2021 and now makes up more than half of all blockchain activity.
The rise in popularity of blockchain gaming may be attributed in large part to the development of the play-to-earn paradigm made possible by non-fungible tokens (NFTs) on well-known blockchains like Ethereum. In several of these games, players accumulate in-game NFTs that they may trade for cryptocurrencies and fiat money. Nowadays, it’s not uncommon to find Filipinos of various backgrounds increasing their income by taking part in these play-to-earn games.
As seen in the graphic, there has been a noticeable decline in active users across all industrial sectors, but the gaming business has shown to be the most tenacious at retaining customers as the bear market became worse.
The whole gaming business plummeted by 26%, whereas the blockchain gaming segment fell by only 5%. The report mentioned:
As many have predicted, game dapps would lose the majority of their player bases if they ceased to be economically beneficial to the ordinary user. This is a bullish indication for blockchain gaming. It was demonstrated that this was untrue.
Splinterlands is the blockchain game with the largest player base. It had been actively used by more than 350,000 people every day over the previous eight months, with just a little 4 percent reduction.