The tumultuous crypto market of the past year has seen the value of digital assets plummet, but despite the bear market, the blockchain gaming sector has flourished.
While traditional gaming companies have borne the brunt of the downturn, the rising popularity of blockchain-based alternatives has helped the sector to thrive.
Blockchain gaming is still in its infancy but has already demonstrated its potential to offer a range of advantages over traditional gaming.
For instance, it provides players with a secure and immutable ledger to store their assets and transactions, eliminating the need for third-party intermediaries.
This means that players are in full control of their assets and transactions and can be assured that their data is safe. In addition, blockchain gaming offers enhanced transparency, as all transactions are viewable on the blockchain public ledger.
This ensures that players can easily track their progress and verify that their assets are legitimately owned. Furthermore, blockchain gaming allows for the easy transfer of digital assets between players, enabling them to trade, barter and even create their own in-game economies.
While traditional gaming companies have suffered due to the crypto bear market, the blockchain gaming sector has experienced a surge in popularity. This is largely due to the increased demand for more secure and transparent gaming experiences, as well as the potential for players to earn real-world profits by trading their digital assets.
The rising demand has led to a number of blockchain-based gaming platforms being launched over the past year, with many more expected in the coming months.
The blockchain gaming sector is an exciting new industry whose potential to revolutionize the gaming landscape is immense.
The current bear market has not slowed growth as the sector continues to thrive despite the market downturn. As more developers, platforms, and players enter the sector, the future of blockchain gaming looks bright.
While most analysts and media are focused on the cryptocurrency market, blockchain games have been thriving under the surface! Over the past 30 days, DappRadar has reported that DApp games have seen an increase in active users.
The data shows that, of the top 10 blockchain-based games, seven experienced an increase in users based on the number of unique wallet addresses interacting with DApp smart contracts.
Seven of these games saw an increase in users during the period, including Animoca Brands’ Benji Bananas, which enjoyed a 2,016.54% increase. Gods Unchained, an NFT-based card battle game, sold an additional 373.25% of NFTs to enter the top 10. Only Axie Infinity, Trickshot Blitz and Upland saw a decrease in users.
What’s behind the rise of blockchain-based gaming?
One of the main factors in this surge has been the decline in NFT prices. As Yat Siu, co-founder of Animoca Brands, suggested, many NFTs are tied to the price of Ether (ETH), and with the drop in its value, NFTs used in blockchain games have become cheaper.
As a result, players have started collecting these NFTs in the hope that they will increase in value in the future when cryptocurrency prices rise again.
However, Siu was quick to point out that you can’t judge an entire market based on a single metric, so it’s also important to consider that most games are mobile-based.
Eight of the top 10 games are mobile-based, which DappRadar says makes the games more casual and fun. Once players get hooked on mobile games, they are more likely to continue playing every day.
Finally, blockchain gaming may be negatively correlated in relation to the overall crypto market. In an interview with Invezz, Zilliqa’s chief of staff, Matt Dyer, said that blockchain play has been a unique innovation in crypto, able to withstand the overall market headwinds
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