The report looks to show that turbulence within the crypto markets has did not rattle investments and forward movement of several GameFi and metaverse projects.
Blockchain games were the subject of the most recent DappRadar x BGA Games Report #5, printed on Tuesday. The report looked at healthy ecosystems and investments returning into the GameFi and metaverse markets.
Several projects were coated in detail within the report, that printed their continued success and growth. Splinterlands, Illuvium, Galaverse and STEPN have continued to bring new players to their platforms, gain financial interest and expand their businesses.
DappRadar claimed that a common theme between several of these popular comes was the underlying utility provided by the gambling facet, itself. GameFi and Metaverse comes have begun to utilize nonfungible tokens (NFTs) and crypto tokens in ways in which other than pure speculation — one example being the NFT shoes within the STEPN move-to-earn (M2E) project, which might be bought and sold in the STEPN metaverse, potentially providing some incentive in addition to the exercise aspects of the sport.
The report indicates that gameplay, itself, has, a minimum of partly, demonstrated utility within the context of the Metaverse in Q2 2022. As Bitcoin was declining in early June, the blockchain game Illuvium sold 20,000 land plots, generating 4,018 Ether (ETH) for its developers, value $72 million at the time the sale took place. The report urged that Splinterlands has held 350,000 daily unique active wallets (UAW) since could, showing a small 4% decline from Apr.
Investments have continued to roll into the area in addition. A16z and fashionable Labs invested with $1.3B into GameFI and metaverse technologies, apparent to point continued risk capital interest and support. localised blockchain Flow conjointly received a $725 million investment from fashionable Labs to support its metaverse connected initiatives like NBA prime Shots.
Metaverse-related technologies still seem to be in an time period and certain have an extended road ahead. ability issues, security concerns, legal clarity, uses and misuses, market instability and poor market sentiment all still be major hurdles for the young technology.
( Sean Moore, Cointelegraph, 2022 )