Blockchain Gaming Sector Sees $500,000,000+ Investment Between October and November of 2022 Alone
The blockchain gaming sector received $534 million in investment between October and November this year, and gaming continues to account for nearly half of all blockchain activity, a new report has found.
The report, written by Web3 research firm DappRadar, said the blockchain gaming sector – sometimes also referred to as the GameFi or Metaverse sector – has seen lower activity since June this year. But despite this, the sector has managed to raise an impressive amount of money, proving itself as “resistance”.
Solana-based games take a hit
In terms of usage, blockchain games had an average of 800,875 Unique Active Wallets (UAW) interacting with the various games’ smart contracts in November, DappRadar’s report said.
The report added that among the blockchains commonly used for gaming, Solana (SOL) has taken the biggest hit in November, with usage down 89.4% to an average of 2,326 daily unique wallets.
The drop in activity at Solana is believed to have come as a result of what the market sees as ties between Solana and FTX founder Sam Bankman-Fried. Overall, however, DappRadar’s report made it clear that the impact of the FTX collapse on the blockchain gaming space has been “minimal”.
The most popular games in the space were Alien World and Splinterlands, with more than 225,000 and 151,000 daily UAWs recorded respectively in September.
NFT market in the game
To some extent, the blockchain gaming market is also linked to the NFT market, with many NFTs being used for various purposes in gaming.
According to DappRadar, the total trading volume for NFTs in the game in October and November reached $55 million. Among the many NFT collections used in games, the Gods Unchained NFT collection was by far the most popular in October and November, accounting for 64.25% of the total market.
Is the bottom in?
With the entire sector in a downward trend since June this year, early optimists are starting to look for a bottom in the market.
In October and November, sales volume and sales figures painted a mixed picture for the road ahead, with October showing somewhat increasing optimism in the form of increased sales figures, while November recorded a sharp decline of 47%.
Overall, DappRadar noted that the FTX situation “didn’t help” the blockchain gaming market, especially given the supposed ties between Solana and Sam Bankman-Fried. Despite this, the sector still boasts an impressive amount of capital, having raised more than $2 billion this year.
“Blockchain gaming’s future is bright, and it is on track to become the frontrunner for Web3,” the report concluded.
