Blockchain gaming was the subject of the latest DappRadar report x BGA Games Report #5, published on June 21. The report looked at healthy ecosystems and investments coming into the GameFi and metaverse markets.
Several projects are covered in detail in the report, highlighting their continued success and growth. yesPlinterlands, Illuvium, Galaverse and STEPN have continued to attract new players to their platforms, gaining financial interest and expanding their business.
Dappradar claimed that a common theme among many of these popular projects was the underlying utility provided by the look of the game itself. GameFi and metaverse projects have begun to use NFTs and crypto tokens in ways other than pure speculation – an example is NFT shoes in move-to-earn (M2E) project STEPN – which can be bought and sold on the STEPN metaverse, potentially offering some incentive in addition to the exercise aspects of the game.
The report indicates that the game itself has at least partially proven its usefulness in the context of the metaverse in Q2 2022. As the price of Bitcoin declined in early June, blockchain game Illuvium sold 20,000 parcels, generating 4,018 ETH for its developers, worth $72 million at the time of sale. The report suggests that Splinterlands has had 350,000 active unique wallets (UAW) daily since May, showing a slight 4% decline from April.
Investments have also continued to pour into the space. A16z and Dapper Labs invested $1.3 billion in GameFI and metaverse technologies, which seems to indicate continued interest and support from venture capital. Decentralized blockchain Flow has also received a $725 million investment from Dapper Labs to support its metaverse-related initiatives such as NBA Top Shots.
Technologies related to the metaverse still seem to be in an incubation period and probably have a long way to go. Interoperability issues, security issues, legal clauses, uses and abuses, market instability, and poor market sentiment remain major hurdles for this young technology.
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