Blockchain games, which have increased by about 10% since Q1, have emerged as the true winners of this bear market, according to DappRadar, an app store for decentralized apps.
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Investments into blockchain games and metaverse projects have stayed constant quarter over quarter, with $2.5 billion invested in both Q1 and Q2, despite the devastating crypto slump brought on by Terra. According to the data, June saw the lowest monthly investment, at just $500 million.
Overall, the report shows that market activity remains steady, reporting only a 12% decrease in average Unique Average Wallet activity over the past two quarters. Year-over-Year numbers paint a much more optimistic outlook as we have an overall increase of 62% in UAW activity.
“Because blockchain gaming connects NFTs and DeFi, we believe it will be important over the next two to three years and will attract at least 100 million new users to cryptocurrency. You will witness something genuinely novel and thrilling when blockchain games, NFTs, and DeFi are merged, “said Skirmantas Januskas, CEO of DappRadar.
Unique active wallet (UAW) activity has decreased by only 7% since Q1, showing that users are still using blockchain dApps at roughly the same rate as they were before the Terra incident. Simultaneously, the volume of sales fell by 82 percent and the number of game-related NFT transactions fell by 51 percent since Q1.
NFT and DeFis join the train
Contrarily, during the previous quarter, the volume of transactions decreased by almost 12 percent for all NFTs and by 15 percent for DeFi. Across all blockchains, there has been a staggering 68 percent average loss in TVL. Due to the Harmony bridge hack and some anomalies, Harmony lost 76% of their TVL. This could mean the end for the chain, given the already negative market mood and the growing user mistrust caused by the Terra fiasco. Only time will tell.
On the other extreme, many smaller chains present a more encouraging picture. Fantom rose by 455 percent last year, while Solana climbed by 322%. Avalanche is still 1,329% higher than the previous year, even though it is 80 percent down from its all-time high.
NFT searches soar
NFT initiatives connected to the metaverse offer a ray of optimism as they reported an overall rise in trading volume and transaction count of 97% and 27%, respectively. Despite the aforementioned setback for NFTs; there is still a lot of interest in NFTs around the world.
Axie Infinity is the most often searched NFT collection in 112 countries, despite the fact that NFT trading volume and transaction count have decreased by a third since Q1. Interest is still high in areas including North America, Oceania, and portions of Europe. Singapore and Hong Kong were the two nations with the most NFT searches (18,717 and 15,213, respectively). Canada ranks third in North America and fifth overall, with 12,358 and 10,677 searches, respectively.
Decentraland continues to be the most popular collection in North America, while Axie Infinity is more popular in Central and South America, with Chile favouring Sandbox. Sorare is particularly well-liked among many football fans in Europe, including those in France, Italy, and Switzerland. While Decentraland is typically preferred by Austria, Germany, Iceland, Latvia, and Lichtenstein.
