Investment in blockchain initiatives has been patchy, but GameFi is one industry that continues to grow despite a declining market.
While most investors have focused on the recent scandals involving centralized finance (CeFi) and decentralized finance (DeFi), the blockchain gaming industry has weathered the storm better than other segments
A win for the blockchain game
The blockchain gaming industry has grown 2,000 percent since the first quarter of 2021 and now accounts for more than half of all blockchain activity, according to the latest data from DappRader and BGA Games.
Irreplaceable tokens (NFT) have enabled the growth of the "play-and-earn" paradigm on well-known blockchains like Ethereum, which has been an important factor in the recent popularity of blockchain gaming. In many of these games, players have accumulated in-game NFT, which they can exchange for cryptocurrency and fiat currency. Nowadays, it is not uncommon to see Filipinos from all walks of life increase their income by participating in these games.
The blockchain gaming industry was down just 5%, but the industry as a whole was down 26%. The report states:
"This is a bullish indicator for blockchain games, as many speculate that if game Dapps no longer bring economic benefits to the average user, they will lose most of their player base. Not so, it turns out. "
The most played blockchain game is Splinterlands. In the past eight months, more than 350,000 people a day have actively used it, a drop of only 4%.
The top five blockchain-based games are Splinterlands, Alien Worlds, Farmers World, Upland, and Axie Infinity.
According to a recent study, Axie Infinity was the most searched NFT community in 122 countries/territories, despite being ranked fourth.
Trading boom
The volume of transactions occurring in major market segments provides further evidence of continued engagement by gamers.
There are currently 173.17 million game-related transactions, far more than any other market segment; Decentralized finance ranked second with 8.86 million.
The most active protocols in terms of number of transactions are WAX, Hive, BNB Smart Chain (BSC), Solana (SOL), and Ronin. WAX now leads the pack with 158.23 million transactions.