Blockchain Gaming Thrives, Unfazed by Turbulent Crypto Market

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Governments and law authorities worldwide are witnessing the crypto world being marked by uncertainties in real time. However, as the crypto market continues facing turbulence, blockchain gaming thrives in the Web3 world. According to a quarterly industry report by DappRadar, 37% of the shares in the dAPP market from April to June were for blockchain games.

Web3 offers an immersive gaming environment with features like non-fungible tokens (NFTs). It also gives players complete agency and ownership of the in-game tools they purchase, strengthening the blockchain gaming community. The in-game assets can be anything, from 3D items to virtual weapons, which players can rent or trade to generate funds.

Per DappRadar’s report, blockchain gaming dominated the Web3 market from January to March, contributing 45% of Web3’s users.

“Data suggests a dynamic industry adapting and responding to new challenges and opportunities in the blockchain space. In Q2 2023, daily Unique Active Wallets (dUAW) engaging with dAPPs on-chain witnessed a 7.97 percent uptick from the previous quarter. This increase may be interpreted as an encouraging sign of market recovery. The increase in dUAW signals continued user engagement and adoption of dAPPs. The gaming sector holds its dominance,” read DappRadar’s report.

Blockchain gaming also received recognition as one of the fastest-growing Web3 tributaries, with the number of active users on decentralized gaming servers increasing by 500% from 2018 – 2020.

Users on blockchain gaming platforms are skyrocketing worldwide. In Asia, blockchain gaming is increasing rapidly. It is making headlines all around Asia and catching the eye of notable industry gamers. Asia’s gaming community contributes significantly to the overall gaming market, generating huge revenues. Per DappRadar’s previous reports, the number of video game players from India, China, Japan, and South Korea collectively surpassed 1.7 billion.

Last month, China’s Alibaba Group secured a partnership with Switzerland’s Near Protocol. According to the deal, Alibaba Group would assist blockchain developers in creating games on decentralized servers and channels.

DappRadar’s report also compared the performance of blockchain gaming to other Web3 networks. Per the report, DeFi protocols witnessed a seven percent decline from last quarter. However, despite crypto players being under the lens of the US SEC, rising interest rates, and the fluctuating digital assets market, including NFTs and cryptocurrency, the crypto market noticed a slight increase in revenue.

DappRader’s report also mentioned the NFT market, which witnessed a steep drop of 38 percent between March and April due to the sector’s unpredictable and volatile nature.

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