The Crypto market has been going through a historic slowdown. After the latest crash of the top cryptocurrency, Bitcoin, the entire crypto market cap has plummeted below $900 million for the first time since December 2020. Defying the current state of the crypto slump, the blockchain-based games continue to dominate their niche, with a record number of daily users actively engaging with the blockchain-powered gaming ecosystem on a daily basis.
According to a report from DappRadar, a Decentralized applications (Dapp) analytics firm, the blockchain games are attracting 1.15 million daily unique active wallets engaging in games such as Illuviam, Gala Games and Splinterlands.
The report highlights the name of major games that are growing rapidly and witnessing a growing base, as well as the growth trajectory of Web3 games through an inflow of funds. The report published by DappRadar in collaboration with BGA games reveals that Blockchain games, a vertical of blockchain-powered applications, are ‘better navigating the bear season’ with only a 5% decrease in May.
‘Blockchain Games Report‘ also underlines the significant progress made by major blockchain-based games. Splinterlands, a leading play-to-earn and trade-based game, has navigated this crypto winter without any significant negative impact. It attracted 350,000 daily unique active wallets (UAW) in May, only a -4% change from its April UAW.
While the crypto companies are suffering due to the crypto slump, the blockchain gaming ecosystem is witnessing a consistent investment inflow. The report suggests that only in 2022 blockchain games attract a $4.9 billion investment. These funds are majorly utilized in developing infrastructure projects (33.9%) and 25% in metaverse gaming projects.
STEPN is spearheading the Move-2-Earn(M2E) revolution. STEPN rewards users for moving getting up and moving their bodies. People can earn crypto for walking, running or jogging by utilizing the games NFTs. STEPN has witnessed a staggering 2 million monthly users, according to this report.
Along with STEPN, GALA Games and Illuvium are some of the most popular Dapps that witnessed a massive number of unique users influx despite the ongoing crypto crash. The report hints at the potential the blockchain gaming ecosystem has and its growing popularity globally.
Kevin has a huge interest in the Crypto world, he is a firm believer in blockchain technology. Kevin is working as Journalist with Coinfea.