DappRadar: Blockchain Gaming Engagement Barely Effected by FTX Crypto Storm

DappRadar: Blockchain Gaming Engagement Barely Effected by FTX Crypto Storm

According to a report published today by DappRadar, the global dapp store, the blockchain gaming sector demonstrated remarkable resilience all through the month of November, despite negative force on the wider crypto industry due to the shutdown of the once-popular FTX cryptocurrency exchange.

Nearly Half of All Blockchain Activity May Be Attributed to Blockchain Gaming

According to DappRadar’s most recent Blockchain Games Report, the actions at FTX were mostly ignored by the gaming community on the blockchain. In November, there was an average of 800,875 daily unique active wallets (UAW), down from just over 900,000 UAW in October and September. Overall, blockchain gaming accounted for 46% of all blockchain activity, assuring that this subset of the crypto ecosystem is still the largest, surpassing even decentralized finance.

Wax remained the most popular gaming blockchain, with an average of 344,284 UAWs per day in November, a growth of more than 4% from October. In October, BNB Chain averaged 171,269 dUAW, making it the second most popular gaming protocol. However, its popularity suffered a major knock in November, dropping by 35%. Hive overtook BNB Chain as the second most popular gaming protocol in November, with an average of 156,369 dUAW despite an 8% decrease from October.

The aftermath of the FTX crash, however, had a negative impact on a number of blockchains. Specifically, the gaming industry on the Solana blockchain, which was fundamentally connected to FTX, looks to have suffered a major impact. Its daily average of Unique Active Users (UAWs) dropped to 2,326 in November, the lowest monthly total ever recorded.

Most Popular Games Are Picking Up Steam, While Metaverses Are Taking a Financial Blow

The top 10 games in terms of monthly active users all had solid performances during the month. For example, Alien Worlds, a game built on the platform Wax, had a 25% increase in its user base, resulting in 212,000 daily active users (dUAWs), making it the most popular game overall. Positioned at #2, Splinterlands gained 5% month-over-month to 169,000 dUAWs.

Even metaverse gamers had a busy November, with The Sandbox finishing up Alpha Season 3, its most anticipated event to date, which attracted over 353,000 unique players over 98 brand-generated experiences. The Sandbox’s NFT trade volume dropped by around 33 percent last month, reaching a little over $1 million, but the month concluded with the announcement of a significant property transaction.

With 1,967 LANDs up for auction, including 50 estates, 695 standard LANDs, 134 premium LANDs, and 19 unique LANDs, the forthcoming sale is shaping up to be a major event. The LAND sales, both regular and premium, will be divided up using a blind vote technique. In essence, the deals began on November 24 and will go on until the beginning of the New Year, thus next month’s trade volume in The Sandbox is likely to increase dramatically.

The popular metaverse Decentraland had its sales drop by almost 23% and its trade volume fall by 54% in November. Things at FTX very probably contributed to a reduction in land trade volume that had already begun in July, explaining why the price of land in the metaverse has fallen. It remains to be seen whether The Sandbox’s recent LAND sale would be able to stem the bleeding.

Although metaverse sales have dropped, the blockchain gaming industry as a whole seems to be doing well, particularly in light of the large sums of funds being poured into it by investors. According to the data, the blockchain gaming industry and metaverse initiatives together raised $534M in November. Fenix Games, a Web3 games publisher, is making headlines this month because it secured $150 million to buy, invest in, and distribute its portfolio of blockchain games.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.