Many investors and traders in various sectors of personal finance can tell outsiders for free that 2022 was not their year in terms of profits.
We have seen multiple crypto related cyber attacks, crypto token prices plummet and also the stock market going through downward trends. Many external factors can be put forward for these explanations as many are now getting tired of the recession and its effects on the markets.
Despite the winter conditions on the financial markets, many have clung to the crypto/web3 gaming sector.
Many popular titles are somewhat easily accessible to all kinds of gamers and blockchain enthusiasts. Combine the lucrative returns these metaverse experiences provide and you have one of the most popular concepts to emerge from the gaming industry in recent years.
What do the statistics show?
The popular research site DappRadar was behind this recent reportshowing the positive affirmation from Blockchain gaming fans and where it exits the industry.
Conducted between August 1 and August 31. The findings are as follows…
It was reported that 847,000 unique web3 wallets signed up to play their favorite games. Despite this number being high, it is in fact an 11% drop from the July reports of gamer activity.
Metaverse projects as a result of the large numbers of activities returning just as large amounts of money to gamers in the form of rewards and incentives. This would have been added up $750 millionan increase of 135% since July.
For many, these numbers are a good indication of what has been and what is to come in terms of game development and user activity.
While sustainable from the user’s point of view, there is also sustainability in terms of institutional investment that allows the space to grow more and more.
Let’s take a closer look at some of the big names giving the space a further helping hand.
Who made his mark in web3 last August?
Many will be thankful for the continued activity of the everyday gamer and crypto investor.
We can’t forget the venture capitalists and other like-minded parties who pour their time and money into prospectus web3 projects!
The first notable headline we saw in the month of August came from Animoca Brands as they saw $100 million coming from a Singaporean company, Temasek.
Animoca are the founders of the popular blockchain game Phantom Galaxies. Seeing a dedicated company like this receiving such large funds is exactly what the industry needs to grow it in the future.
Axie Infinity never shuns the headlines, whether positive or negative!
This time, however, they are for positive reasons: $4 Billion in NFT Sales Ever were recorded for Axie in the month of August. A great achievement for such a popular title.
“Blockchain gaming, the latest addition to a still young industry, has not lost its mystery. Many are still unaware of its significance, and the ever-changing gaming ecosystem is of little help.”
The numbers above are a good indication of what is to come for Crypto gaming.
DappRadar’s report conducted last year stated that only $4 billion was invested in defi gaming, so this recent study shows the exponential growth that the industry has faced.
Our opinion after this report
One thing that is clear is that crypto gaming shows great upward growth since its inception and its rise in popularity over the past 12 months.
Billions of dollars are being pumped into this gaming sector and it really shows the potential of this new technology.
While we are very much in the moment, it is possible that the economic downturn facing society at the time of writing could negatively impact crypto gaming investors and how users interact with the markets.
However, predictions are still being made for upcoming releases and updates to the public around the world. It will be interesting to see how it all plays out over the months into the future.
Let’s hope the last months of this year will follow the same trends we’ve seen from the beginning. As always, we encourage you to do your research on crypto investments and gaming, as recently proven by market trends, prices can be highly volatile, making investments unpredictable in value.