Blockchain Gaming Thrives As Crypto Market Dives

There has been a drop recorded in cryptocurrency prices these days. Despite this market fall, the blockchain gaming industry is thriving at its best.

The ability to obtain prizes while playing games has become the main selling point of blockchain games. In the last week, 1.3 million UAW have connected to blockchain games. This growing number indicates a strong demand for play-to-earn games. Moreover, it also demonstrates the advantages available to blockchain and Web3 consumers. 

The gaming category has six of the top ten dapps ranked on DappRadar based on the number of wallets connected to them. Surprisingly, it saw over half a million wallets linked last week. Alien Worlds saw a 14% increase in activity as well. Besides, Farmers World, a Wax blockchain farming game, saw over 166,000 active wallets. 

Out of all, Upland and Mobox saw a minute drop in the activity. Apart from BTC and ETH, which lost over half of their value since November highs, all the games performed very well.

The rise of blockchain gaming platforms

Blockchain gaming platforms across the world have billion-dollar valuations. Some of the world’s greatest gaming organizations are putting resources into blockchain gaming platforms. For instance, Microsoft has obtained Activision in a $68.7 billion arrangement whereas Ubisoft has joined the blockchain environment with its NFT release. Indeed, even in India, the famous blockchain-based platforms are trying their best to reform the gaming industry.

What about DeFi-related activities?
Out of all, two DeFi dapps emerged on top of the list. However, here is where the nuances of dapp categories come into play. When markets went down, most of the value of investors was stuck or saved in DeFi dapps. A surge in wallet connections around the same time as prices began to fall, can signal a few things. First and foremost, all those wallets went to the platform to withdraw funds from different positions and save as much value as possible. On the other hand, they could also convert their shares to a stablecoin like USDC. 

But, investors who thrive on risky transactions may take advantage of arbitrage and broader chances in such uncertain times. Here, opportunists would be in the minority, and people wanting to conserve money would be the majority. So, it’s preferable to wait for things to settle before diving deeper into DeFi dapps to understand the money flow better. 

Low-fee blockchains help gaming succeed.
It is also captivating to see the most popular dapps engage with certain blockchains. A brief scan of the list indicates that Ethereum is absent. Instead, Wax, BNB Chain, and Solana are the most popular among users.

These blockchains are less expensive and quicker than Ethereum. Furthermore, they have become home to a few of its most popular dapp games. The same dapps are now driving blockchain usage. They keep the prediction for decentralized applications encouraging as they approach the bear market. 

As per the latest April DappRadar Industry Report, blockchain games account for more than half of all blockchain application usage. A common assumption was that dapp usage would suffer from the recent price drop. Instead, we witness the polar opposite.

Token holders have many games with social and fitness apps to explore as they brace for the crypto winter ahead. Without a doubt, token holders have more value than ever before.

Overall, in 2021, the blockchain gaming business expanded from $0 to $3 billion in market value. Furthermore, by 2025, it is anticipated to reach $39.7 billion. Today, users are now more prepared, knowledgeable, resilient, and most importantly convinced that blockchain and cryptocurrencies are here to stay for long.