Many investors and traders in various sectors of personal finance are free to tell outsiders that 2022 was not their year in terms of earnings.
We have seen multiple crypto-related cyber attacks, crypto token prices have fallen and the stock market has seen downtrends as well. Many external factors can be cited for these explanations as many are now weary of the recession and its impact on the markets.
Despite the wintry financial market conditions Many have tapped into the crypto/web3 gaming sector.
Many popular titles are easily accessible for all types of gamers and blockchain enthusiasts. Combine that with the lucrative returns these Metaverse experiences offer, and you have one of the hottest concepts to come out of gaming in recent years.
What do the statistics show?
The popular research site DappRadar was behind this latest reportshowing the positive endorsement from fans of blockchain games and where this is leaving the industry.
Conducted from August 1st to August 31st. The findings are as follows…
It has been reported that 847,000 unique Web3 wallets have signed up to play their favorite games. While that number is high, it’s actually an 11% drop from the July player activity reports.
Metaverse projects also returned large amounts of money to players in the form of rewards and incentives due to the large number of activities. This is said to have added up $750 millionan increase of 135% since July.
For many, these numbers are a good indication of what was and is to come in terms of game development and user activity.
While they remained sustainable from a user perspective, there was also sustainability in terms of institutional investments that allowed the space to grow more and more.
Let’s take a deeper look at some of the big names who are giving the space another helping hand.
Who made a name for themselves on web3 last August?
Many will be grateful for the continued activity of the everyday gamer and crypto investor.
We mustn’t forget the venture capitalists and other like-minded parties who put their time and money into prospectus web3 projects!
The first notable headline we saw in August came from Animoca Brands when they saw $100 million come from a Singaporean company, Temasek.
Animoca are the founders of the popular blockchain game Phantom Galaxies. Seeing a committed company like this receive such large funds is just what the industry needs to sustain its growth into the future.
Axie Infinity never shies away from the headlines, whether positive or negative!
This time, however, they are there for positive reasons $4 billion in NFT sales of all time were recorded for Axie in August. A great achievement for such a popular title.
“Blockchain gaming, the latest addition to a fledgling sector, hasn’t lost its mystery. Many are still unaware of its importance, and the ever-changing gaming ecosystem offers little help.”
The figures above are a good indicator of what is to come for crypto gaming.
DappRadar’s report, produced last year, states that only $4 billion has been invested in Defi gaming, so this latest study shows the exponential growth of the industry.
Our opinion after this report
One thing is clear Crypto Gaming Shows Big Upward Growth since its inception and rising in popularity over the past 12 months.
Billions of dollars are being pumped into this gaming sector, showing the potential of this newly discovered technology.
Whilst we are very much in the moment, it is possible that the economic downturn the company is facing at the time of writing could have a negative impact on crypto gaming investors and user interaction with the markets.
However, predictions of upcoming releases and updates are still being fired at audiences around the world. It will be interesting to see how it all plays out over the months into the future.
Let’s hope that the last months of this year will follow the same trends that we have seen from the beginning. As always, we encourage you to do your research on crypto investing and gaming as recent market trends have shown that prices can be very volatile, making the value of investments unpredictable.