DappRadar Report Indicates GameFi Growth of Over $320 Million Despite FTX Collapse

DappRadar Report Indicates GameFi Growth of Over $320 Despite FTX Collapse
  • Blockchain gaming was not as impacted as other sectors in crypto when FTX collapsed.
  • 800,875 daily Unique Active Wallets (UAW) interacted with smart contracts related to games in November.

The study, which was published on DappRadar on December 1, indicates that despite the fallout of FTX, blockchain gaming has managed to retain its momentum and player base.

Blockchain games and metaverse projects raised $534 million, and the total NFT in-game volume in October and November reached $55 million.

DappRadar’s Findings

Out of all of the games listed and analyzed, two stood apart. Alien Worlds and Splinterlands remained the two most played Web3 games.

  • Alien Worlds had over 225,000 UAW registered in September.
  • Splinterlands had over 151,000 UAW registered in September.

As for October, Trickshot Blitz saw an increase of 70%, where it reached 23,086 daily UAW.

PlayMining increased in activity by 33% upon reaching 22,466 daily UAW in November, an increase facilitated by the announcement of Graffiti Racer, a Web3 game.

Gods Unchained remained the top game based on trading volume alone, where it generated 60% of the total trading volume for game-related assets. 

STEPN saw over 2.23 million users and over 700,000 minted shoes across 2022. The Sandbox’s Alpha Season 3 was a popular event, seeing 353,000 unique users across 98 new experiences.

Wax (WAXP) has remained the most dominant gaming protocol, where it featured over 340,000 UAW. The BNB Chain was the second-most-popular blockchain, with 171,269 UAW.

On the Flipside

  • Despite the success of some blockchain gaming projects and networks, Solana’s GameFi sector saw a decrease of 89.42%, with an average of 2,326 daily unique active wallets. Some of the key games on Solana that took the fall are Aurory, Star Atlas, and TapFantasy.

Why You Should Care

Blockchain gaming has not been as impacted by the collapse of the FTX exchange as other areas in the crypto space.

A large number of Unique Active Wallets (UAW) have interacted with smart contracts, and numerous blockchains are leading when it comes to game availability and engagement, such as Wax and the BNB Smart Chain.

The sustained level of success and engagement will drive the GameFi sector forward, as it has proved it can sustain momentum despite harsh market conditions and a crypto winter. 

See How Blockchain Gaming Defied the Crypto Bear Market in August:
Blockchain Gaming Is Defying the Crypto Bear Market, Reports DappRadar

Learn How Playboy Returned to the Sandbox:
Playboy Returns to The Sandbox, Launches First NFT Collection

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Deno Trajcevski

Deno Trajcevski is a cryptocurrency and blockchain content creator who specializes in the field of GameFi and covers a wide range of topics on the subject. From Play-to-Earn (P2E) mechanics to the latest news, announcements, and exploits within this crypto sphere, Deno reviews and analyzes the movement and developments in gaming daily. If a project implements GameFi in its lineup, he is there to review the project.