DappRadar: GameFi continues to evolve despite the crisis

Article Reading Time:
2 minutes.

Analysts from the research platform DappRadar believe that the general drop in quotes and the crisis in the crypto market had a lesser impact on blockchain games.

A new report from DappRadar says that...In six months, the number of games on the blockchain increased by 9.51%. In the first and second quarters of 2022, investors poured $2.5 billion into GameFi. DappRadar CEO Skirmantas Januskas said that June will go down in history as the worst month for the crypto industry, and even the blockchain gaming space felt the pain, recording its lowest monthly investment at $500 million

“We think that games on the blockchain will becomea key driver of industry development in the next two to three years and will attract at least a hundred million new users to the crypto industry for one simple reason - they combine NFTs and DeFi, and represent something truly new and exciting,” Januskas admires the trend.

The report notes a decrease in activityuser wallets (UAW) by 7% from the first quarter. Users continue to interact with blockchain decentralized applications at approximately the same speed as before Terra's default. At the same time, the number of NFT transactions related to games decreased in the second quarter compared to the first by 51%. Sales fell by 82%. However, the total number of transactions sent to smart contracts in the gaming sector is much higher than other categories such as DeFi, gaming, exchanges and trading platforms.

In July, gaming transaction volume remained atlevel of over $24 million per day. DappRadar notes that Solana has attracted many NFT game developers. This trend can be attributed to low-cost transactions and efficient processing speed. Despite numerous network outages, blockchain activity increased by 311%.

Thanks to the "vibrant gaming community"WAX  achieved significant success. Since May, its blockchain activity has increased by 6%. Demographically, the Decentraland multiverse is most popular in the United States, Austria, Germany, Iceland, Latvia and Liechtenstein.

Axie Infinity managed to attract users tocountries of Central and South America. Meanwhile, the Sandbox multiverse has gained popularity in China. The Sorare fantasy football game has gained a foothold in countries such as France, Italy and Switzerland.

Analytics company Absolute Reports believes that the GameFi industry will reach almost $3 billion in capitalization.