Despite 2022 being a shaky year for the Crypto/NFT space, the gaming sector has had unprecedented growth over the past 12 months despite this!
As many of those who are in the crypto space are aware, decentralised finance (DeFi) has been under fire since the new year.
With a vast amount of illegitimate projects being promoted in the industry many crypto gaming titles have been pushed under the rug.
Crypto gaming has surprisingly gained more transaction history than crypto finance, with over 150 million transactions, with finance having just over 8 million.
Exposure to new protocols
One thing that can be accredited to the recent rise within the gaming space is the greater exposure to different protocols.
The main protocols providing the traffic are Solana (SOL) , WAX, Hive, BNB (Binance) to name a few.
With these networks having million dollar market caps it’s no surprise they have taken the gaming sector by storm.
What’s causing crypto market trends?
Over the past 7 months there have been some interesting cases coming out of the space despite the upwards trajectory.
Axie Infinity (AXIE), one of the biggest titles since the boom, has seen a huge loss in players, losing 40% of their original player amount.
This came at the hands of the Ronin bridge being hacked, causing a lot of uncertainty due to AXIE’s dominance over the market.
In a reaction to this, other titles have taken over from the reign coming from up and coming blockchains.
The Wax blockchain has proven to be the most popular blockchain for crypto games.
Splinterlands, Aliens World and Farmers World currently are the top 3 titles. Alien Worlds is currently ranked as the most popular in user volume with 150k.
DappRaddar found that unique active wallets for these games had risen by 97% since the previous quarter.
Daily numbers for these titles are in the 6 figure range. This is a clear indication of how popular this industry is proving to be.
Surviving the Stablecoin market crash
To further set the scene Q1 and Q2 fell victim to some of the most hostile crypto headlines.
The Stablecoin LUNA played a huge part in the market correction as its untimely crash caused 3.3 billion USD to be wiped in value.
Whilst the value of gaming tokens fell victim to this it has not stopped retail and even now institutional investors having their say in crypto gaming.
Games such as The Sandbox have paved the way for large companies to enter the metaverse through their virtual open world game.
Creating the gateway for world renowned brands and individuals will only strengthen crypto games going forward into the future.
There are two factors that allow this to happen. Firstly the money resources they can bring forward for the crypto game developers. Secondly, the audiences of collaborative brands that then follow suit to the game. Giving a gateway for fans into this contemporary sector of gaming.
As 2022 progresses new updates and titles are still due to come. The future of crypto gaming is looking bright.