Despite the crypto cold, GameFi continues to thrive, according to DappRadar.
The research appears to demonstrate that the volatility in the cryptocurrency markets has not slowed down investments in or the progress of various GameFi and metaverse initiatives.
The most recent DappRadar x BGA Games Report #5, which was released on Tuesday, focused on blockchain games. The paper examined the market for GameFi and the metaverse’s thriving ecosystems and incoming investments.
The report went over several initiatives in depth, highlighting their continuous success and expansion. Galaverse, Splinterlands, Illuvium, and STEPN have all maintained a steady stream of new users, financial interest, and company growth.
According to DappRadar, a recurring characteristic among many of these well-liked apps was the utility that the game element itself brought. For example, the NFT shoes in the STEPN move-to-earn (M2E) project, which can be bought and sold in the STEPN metaverse, potentially offering some incentive in addition to the exercise aspects of the game. This is just one example of how GameFi and Metaverse projects have started to use nonfungible tokens (NFTs) and crypto tokens in ways other than pure speculation.
According to the article, gameplay itself has, at least in part, proven useful in the framework of the Metaverse in Q2 2022. Early in June, while Bitcoin prices were falling, the blockchain game Illuvium sold 20,000 land plots for 4,018 ETH, which was worth $72 million to the game’s developers at the time. According to the research, Splinterlands has maintained 350,000 unique active wallets (UAW) every day since May, a tiny 4 percent decrease from April.
The area has also seen an increase in investments. To show sustained venture capital interest and support, A16z and Dapper Labs invested $1.3B in GameFI and metaverse technology. In order to fund its metaverse-related projects like NBA Top Shots, decentralised blockchain Flow recently secured a $725 million investment from Dapper Labs.
The development of technology connected to the metaverse still seems to be in its early stages, and it will probably take some time. The fledgling technology still faces significant obstacles related to interoperability, security, legal clarity, applications, and misuses, as well as market instability and negative market sentiment.
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