As the FTX crash continues to push crypto markets into red territory, DappRadar says one sector of the industry is largely unaffected by the turmoil.
In a new report, the data acquisition and analytics firm says that the blockchain gaming sector continues to be a driving force for the decentralized applications (DApp) industry.
“In October and November, gaming activity accounted for nearly half of all blockchain activity tracked by DappRadar across 50 networks, with 800,875 daily unique active wallets (UAW) interacting with gaming smart contracts in November.”
As FTX, formerly the second largest exchange in the industry, filed for bankruptcy in November, DappRadar says that blockchain gaming has raised more than $320 million.
During that period, the average daily unique active wallets in the Web3 gaming industry dropped just 12% to 800,875.
“In November, despite the FTX crash, blockchain gaming activity was resilient… It remains the largest part of the industry, accounting for 42.67% of all blockchain activity. Domain decline is driven by rise in DeFi [decentralized finance] sector amid FTX collapse.”
The report says that 2022 saw a stream of partnerships and investments in blockchain gaming, noting that the month of September marked the low for the year.
“We are seeing an upward trend for blockchain gaming investments. September was the lowest month for blockchain gaming investments and the value flowing into promising startups and projects continued to rise from there.”
As for why the sector was unfazed in the context of the FTX implosion, DappRadar says that those entering the crypto space through gaming or NFT channels have no particular interest in the downed centralized exchange.
“Unless your tokens were held on FTX, which is unlikely given that most blockchain games have internal marketplaces and staking options for their players, which means the tokens must be held in a blockchain wallet. Without even realizing it, gamers may have learned the hardest lesson of Web3: not its keys, not its cryptography.
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