Blockchain Games Strongest Category Amid Crypto Market Downturn
Blockchain games is the category within crypto that has resisted the industry downturn the most, with activity still being up 197% year-over-year, DappRadar’s Industry Report for May shows.
The sector’s resilience is clear despite a drop in the number of game transactions of 5% in May compared to the month before, DappRadar said, comparing the sector to the sharp decline in activity seen in decentralized finance (DeFi) and non-fungible tokens (NFTs).
It added that the top blockchain games have largely maintained their player base, with “real engagement” evident among players on the various platforms.
Meanwhile, the report also said that the gaming category has continued to see venture capital investments flowing in throughout the market downturn. This has helped keep the bullish momentum going for the sector, DappRadar noted.
As an example of the strong interest in crypto-based gaming, the report mentioned Otherside, a play-to-earn (P2E) metaverse project for the Bored Ape Yacht Club (BAYC) NFT community, saying that it generated USD 760m in May alone.
The massive revenue from the project helped make May the best month ever for metaverse NFTs, with USD 850m generated, DappRadar said.
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