We are still in a market which has not stopped going down for days, although it seems that it has given us a break but we do not know until when and in what direction it will move.
The truth is that there is a lot of fear in the market and we keep getting negative news, just today (Friday 06/24) the hacking of Horizon, the bridge of Harmony’s blockchain.
And while the crypto market does not stop going down, we are already below the 1,000M of total capitalization and the 2.22 DUAW, daily unique active wallets in May. Blockchain gaming seems to resist this downward trend and does not stop growing in DUAW, 1.15M of the 2.22M in the global market, which are interacting with all types of games.
But not only that, Immutable X has created a $500M fund to attract games to its network. For those of you who don’t know Immutable X, remember that it is an Ethereum L2 exclusive, where they are going to run games like Illuvium, and Gods Unchained is already running.
Illuvium’s revenue from the sales of its lands is also a fact to consider in this context, they sold 20,000 plots that generated 4,018 ETH worth $72 million at the time of the sale. Land in Illuvium will be important as owners will have direct access to fuel, the main resource needed to play.
Another important business model is STEPN, which remains the most popular move-to-earn dapp with at least 2 million monthly users. GMT, the project’s governance token also appears to be a popular choice among investors, as the number of unique wallets (262,000) holding the GMT token, despite the negative market sentiment.
In addition, with the floor price of Sneakers (5 SOL at tokenization) and the price of SOL ($29) dropping, the barrier to entry into the STEPN ecosystem is more affordable than ever.
But for Belobaba the most significant data is the investment in this sector. In May A16z and Dapper Labs invested $1.3 billion in the games and metaverse industry.
This is reflected in the amount of capital flowing into blockchain games and metaverse projects. Already this year 2022, 4.9 billion has been invested in games, metaverses, infrastructure, guilds and game-related incubators.
That amount does not take into account the $600 million committed by A16z to create Games Fund One, a branch that will focus on boosting game studios and infrastructure.
The other notable investment of $725 million raised by Dapper Labs to further expand Flow’s ecosystem. Flow has partnered with some of the biggest sports IP brands, such as the NBA, NFL, La Liga and UFC, and is home to the OG CryptoKitties game.
As well as the $500 Million that Immutable is going to invest in the games that choose its network.
Blockchain games are proving to be real survivors during this bear market. We are about to finally see a good amount of blockchain games with really immersive game mechanics that take entertainment to the next level.
Belobaba continues to believe in this sector and I invite you to be attentive to the news that is about to come.