Luna Terra

According to the recent report by DappRadar, the Terra Luna (LUNA-X) debacle and resultantly crypto crash has little to no effect on the blockchain games and the metaverse.

The Q1 and Q2 reports of blockchain gaming, gaming NFTs, and metaverse suggest that the niche indeed coped well with the bearish trend in the crypto industry.

Back in May, Terra stablecoin collapsed and wiped off $40 billion of investors and retailers. Moreover, it also triggered panic and fear affecting Bitcoin and Ethereum. The ripple effect was felt throughout the industry triggering the crypto crash.

Despite the massive bearish trend, blockchain games not only remained safe but recorded a surge of 9.51% in the Q2 of 2022. A total of more than $2.5 billion was invested in Q1 and Q2 of 2022 as per DappRadar.

“We think that blockchain gaming is going to be key in the next two or three years and is going to bring at least 100 million new users into crypto, for one simple reason, they connect NFTs and DeFi. With all three combined, blockchain gaming, NFTs, and DeFi you will see something genuinely new and exciting,” said DappRadar CEO.

However, the DeFi segment of blockchain suffered a considerable blow where the transactions fell by 14.81%. Moreover, the NFT market also saw its trading volume taking a nose dive by 67% and 21% in terms of transaction volume.

The report added, “The most significant drop happened in May, transaction volume decreased by 67%, and the sales count dropped by 21 per cent.”

Besides the trading and transaction volumes, the NFT market also saw a decline of 24% in unique active wallets associated with NFT projects.

However, the report also suggests a positive trend in the NFT market when compared with Q2 of 2021, the activity got a lot better by 48%.

Though blockchain gaming is coping well with the bear market, it certainly felt a little tremor in terms of investment. Since the boom, June 2022 was the worst month for blockchain gaming as only worth $500 million of new investments came in.

I will keep you posted on further developments.

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