While the demise of FTX continues to have a significant impact on the crypto market, DappRadar says one sector of the industry remains largely unaffected by the turmoil.
The cryptocurrency market is only just beginning to recover from the aftermath of FTX’s collapse and ensuing crisis. Still, the underlying technology has remained strong, especially when it comes to blockchain games.
DappRadar’s findings crypto games
In a new report the data acquisition and analytics firm says the blockchain gaming sector continues to be a driving force for the decentralized application (DApp) industry.
The report indicates that blockchain gaming has managed to maintain its momentum and player base.
“In October and November, gaming activity accounted for nearly half of all blockchain activity tracked by DappRadar across 50 networks, with 800,875 daily Unique Active Wallets (UAW) interacting with game smart contracts in November.”
$534 million invested in crypto games
Blockchain games and metaverse projects raised $534 million, and the total NFT in-game volume in October and November reached $55 million.
“We observe an increasing trend for investments in blockchain gaming. September was the lowest month for blockchain gaming investment and the value stream in startups and promising projects continued to rise from there.”
Of all the games listed and analyzed, two stood out. Alien Worlds and Splinterlands remained the two most played Web3-spell.
Alien Worlds had more than 225,000 registered unique active wallets (UAW) in September. Splinterlands had over 151,000 registered UAW in September.
DappRadar also answers the question of why the industry has not been so affected by the FTX implosion. It is said that those entering the crypto market through gaming or NFT channels do not have much interest in the fallen centralized exchange.
“Unless their tokens were held in FTX, which is unlikely as most blockchain games have internal marketplaces and staking options for their players, meaning tokens must be held in a blockchain wallet. Without realizing it, gamers have learned perhaps the hardest Web3 lesson: not your keys, not your crypto.”
