What a few weeks it has been for not only crypto gaming, but the crypto space in general! We’ve seen highs, lows and busts as FTX’s collapse was felt across all parts of crypto. Coins crashed, investors lost out and many were left thinking, “What now?”.
However, a recent report for the month of October and November indicates that the future is still bright for web3 gaming and the projects within the space.
Let’s look deeper into the findings of this report and the key findings from the blockchain for the closing months of 2022.
Image Credit | Moneycontrol
Rampant Funding
October and November were the months for blockchain gaming. A huge $534 million was invested into projects which is a great achievement considering the recent headlines.
As it still stands, gaming makes up more than 50% of the activity that is found on the blockchain showing that there is considerable appeal despite not being fully accepted on a mainstream basis.
With how many gamers take part in esports and web2 gaming, the shift should hopefully be a pleasant one.
Overall despite the engagement from crypto games dropping since the summer months, the funding is still flowing in.
In these past few months we have seen the likes of Microsoft, Starbucks and Sony etch their way onto the blockchain. Better still esports has run rampant as many games are starting to pick up in regards to competitive communities allowing games to build their own economies. This is despite many of them not even being fully released yet.
The mainstream coverage the space has received over these past few months alone is great to see for those involved!
NFTs are staying afloat
NFTs were a hot commodity at one point in history with celebrities and retail investors alike dropping large chunks of change on what appeared to be .JPEG files. Gaming on the blockchain has utilised NFT fundamentals, giving players ownership and autonomy over their favourite titles.
Around $55 million has been traded over the past few months on the NFT marketplace. The largest contributor to this was the Trading Card Game, Gods Unchained as they took up 64% of the market activity.
Whilst the status quo on NFTs has diminished, gaming communities are still seeing their use value as indicated from this DappRadar report. They are now more than just expensive profile pictures it seems!
Games such as The Sandbox are another great example of how NFTs have value. Players can use the in-game Vox Editor to customise their own collectibles, which can then be sold on the Marketplace for real world FIAT money or in-game SAND token.
FTX’s Collapse
The collapse of FTX was no joke. Billions were lost and their founder is still living a free man despite the evidence piling up against him and his team on internal foul play.
Whilst Solana token saw an exponential drop in value and with a large amount of it’s market cap due to FTX unruly influence over the tokens economy the bigger picture related to Crypto Gaming has been fairly untouched.
Over 800, 000 active wallets were recorded in the reported months which is an amazing accomplishment considering the recent events and the crypto winter we have experienced since the early months of 2022.
Despite ‘Stepn’ – the groundbreaking Move-To-Earn game being apart of the FTX portfolio their activity and overall popularity has not been knocked. They had no relationship with FTX according to their team. 2022 has seen over 700, 000 of their sneaker NFTs minted and 2 million monthly users being their peak engagement rates.
Whilst activity hasn’t subsided, the value of their native token has faced consequential blows due to FTX listing them. Green Satoshi Token (GST) has decreased in value by 33% in direct response to FTX. However they are not the only ones facing this due to how popular an exchange FTX was.
As we close off the rest of 2022 we can expect more of the same from crypto gaming. Whilst users have gone down, the industry is still valued at well $1 billion, with $2 billion alone being pumped into it in 2022. If you are still doubtful about the blockchain it’s understandable however the readings for October and November for gaming alone cannot be ignored.
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