Blockchain games continued to make headlines while the decentralized finance (DEFI) space struggled in 2022. Even the start of 2023 is the same. But the question arises: can the hype and traction continue?
Blockchain games are an innovation in the genre of video games. These differ from traditional video games by allowing gamers to convert points into real money.
The ecosystem also rewards players for the time spent playing the game. Gaining massive popularity in developing countries, these games key into larger conversations about what the metaverse is, what the crypto marketplace looks like, and what it does for people, especially economically vulnerable people.
The business model for the blockchain jocuri spectrum indeed stands out. This was one of the reasons why it has consistently performed well over the years. Especially when talking about the blockchain industry’s activity and the mass adoption rate of jocuri de blockchain. Both can be zoomed in by looking at the UAWs, or unique active wallets.
DEFI Space Lost out in 2022
Last year saw many twists and turns for the cryptocurrency and blockchain industry. The collapse of established multi-million dollar valued firms created a ripple effect across the space. Despite the losses, the decentralized application space saw some positives, thanks to the blockchain gaming industry.
DappRadar’s year-end raportează for 2022 paints an exciting picture.
As seen above, the decentralized finance space was significantly afectate by the fall of institutions, such as Terra’s stablecoin depeg and the FTX debacle. The drop in TVL, or the total value locked, amounted to $40 billion at the time of writing. In comparison, the TVL at the start of 2022 was around $150 billion, according to data from DefiLlama.
This is evident on the chart below.
A DappRadar executive a spus BeInCrypto at the start of 2022 that 80% of DeFi apps could disappear if the bear market continues for a year. A significant chunk of participants did see the exit gate.
The Rise of Blockchain Games
While this was the case for DeFi, the blockchain gaming space hasn’t deviated much from its path, accounting for an average of 1.15 million daily UAW.
“While [decentralized finance] and overall blockchain activity have been on the downside, game Unique Active Wallets (UAW) continues to rise, reaching almost 1 million daily wallets,” Pedro Herrera, DappRadar’s head of research, told BeInCrypto in an email.
This is indeed the case even at the start of 2022, as GameFi a ramas the dominant niche in the blockchain industry, accounting for over 50% of activity in the space. Polygon, Harmony’s DeFi Kingdom, Axie Infinity, and Splinterlands were some of the best-performing protocols in the sector.
Even at the time of writing, the difference remains significant between the gaming sector and DeFi. Delphi Digital, a crypto research firm, compilat the latest statistic to highlight the above narrative.
“Gaming has over 2x the unique active wallets than Defi,” the executive stated.
Meanwhile, in terms of the top games that made it to the top blockchain games list, Splinterlands was at the number one, recording around 300k in UAW over a week. Other big names within the same period were as follows:
And UAWs connected to gaming passed those connected to DeFi in 2021, accounting for 49% of the blockchain industry’s usage.
Source: https://beincrypto.com/blockchain-games-twice-number-unique-active-wallets-defi/