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Web3 Gaming Standing Strong in Face of FTX Storm

According to new data, the Blockchain gaming business is showing resilience despite the ongoing FTX collapse saga.

Photo by Josep Castells / Unsplash

According to new data, the Blockchain gaming business is showing resilience despite the ongoing FTX collapse saga.

Even while the cryptocurrency market has only recently begun to recover from the fallout of the FTX collapse and the crisis that followed, the technology that underpins cryptocurrencies has remained robust, particularly regarding how blockchain games are implemented.

According to a new study from DappRadar (1), user activity in Web3 games accounted for almost half of all blockchain activity (42.67%) over 50 networks during October and November.

In November alone, an average of 8,00,875 unique active wallets (UAW) were engaging with games' smart contracts daily. This is a very slight decline of 12% since the sector had 9,11,720 active wallets during September.

The current state marks a further drop compared to the situation 2021-22 start.  

With an average of 2,326 daily active wallets, the Solana (SOL) blockchain was the one that took the greatest amount of damage out of all of the relevant networks. This was due to the staggering reduction in unique wallet activity that occurred over the month, which was close to 90%.

Source: DappRadar

The Funding is Ongoing, Albeit on a Smaller Scale

Despite the crisis, financial resources continued to flow into blockchain games & metaverse projects, which raised a total of $534 million in the months of October and November. The majority of these investments went toward the construction and upkeep of infrastructure.

A rise of 104% from the sum of $4 billion in 2021, the running forecasts of investment in blockchain gaming for this year stand at approximately $8.16 billion at the moment. The lowest amount of money, in the amount of $500 million, was reported during the fourth quarter of 2022.

Blockchain games & metaverse projects were able to raise a total of $1.3 billion during the course of the third quarter of 2022. This figure represents a decline of 48% when compared to the amount raised during the second quarter of 2022.

In the meantime, the overall in-game trading volume of non-fungible tokens (NFTs) added up to $55 million in October and November.

The most popular blockchain strategy game, Gods Unchained, was at the forefront, creating 64.25 percent of the total trading activity, with totals of $21.6 and $13.45 million in October and November, respectively.