All of us are aware about what it has happened this week in the crypto market. The crashing fall of $LUNA and $UST, from Terra project, has put the crypto world in check and many people have compared it to Lehman and Brothers fall in 2008.
But even in that situation, the blockchain games have continued to ascend and the game category has been a bright spot in the stormy period and as we can see in the graphic, games are dominating blockchain activity.
The activity of game dapps registered an all-time high over 1.23 million daily Unique Active Wallets (UAW) interacting with blockchain games on average during April.
Regarding the networks, in April, WAX was the king of the blockchain gaming with 30% of activity of all blockchain games UAW, and Allien Worlds had more than 192.000 UAW daily, lagging only Splinterlands in that metric.
However, the most popular Wax game dapp of 2022 has been Farmers World, with 100.000 daily UAW last month, only besides Alien Worlds and Splinterlands.
Another very interesting change has been in the metaverse ecosystem. The launching of Otherdeeds, a new metaverse from Yuga Labs, behind the popular NFT collection Bored Ape Yacht Club (BAYC), collapsed the Ethereum network due to the high demand of their lands.
Despite that situation, Otherside has change the current status quo of metaverses where The Sandbox and Decentraland were the dominators
Otherside has traded over $700 million, surpassing Decentraland ($508 million) and The Sandbox ($467 million) in all-time sales. In the same way, ApeCoin (APE), the native token of the BAYC ecosystem, has surpassed metaverse tokens like SAND, MANA, and AXS, becoming the largest metaverse token by market cap.
In terms of investments, this keeps pouring into the ecosystem. Since January 2022, blockchain games have raised $4.5 Billion, surpassing the total of 2021, $4.1 Billion.
It should be noted that 37% of the capital has been invested in infrastructure-type projects like Immutable X (IMX), or the recent $725 million investment in the Flow blockchain.
As Belobaba has been saying since the end of last year, the number of VC interested in the ecosystem is going up and the forecast of investment for this year is over $10Billion. That amount of investment would lead to metaverse and game projects, to keep enhancing their products and building the industry’s future.
We will see if the overall market situation affects VCs’ investment plans. From our point of view, we believe we must be cautious but keep in mind our horizon timing.
Finally, I would like to talk about the new concept of a move to earn. I’ve included it in the gaming ecosystem as for me it is a way to tokenize the practice of sport.
This is one of the most noticeable trends in the industry over the last weeks and it transforms move-to-earn as a blockchain game paradigm.
Move to earn is similar to play to earn, and it allows users to earn rewards in crypto for completing certain levels of daily physical activity.
The gamification element in move-to-earn is as a bridge between routine activities and a way to monetize them via crypto.
This concept was first introduced by Genopets in the summer of last year. However, STEPN, a Solana based dapp, is drawing most of the headlines.
There are many dapps in this new movement, and STEPN is the most popular, but I would like to highlight Olympia, which introduces the concept of Superapp, but what is a Superapp?
The Superapp gives players access to potentially hundreds of third-party services (miniapps) such as facility bookings, partner finder, marketplaces, eCommerce, games, digital avatar, and many more. The idea is that players can find everything they need to embrace a more active & healthy lifestyle in one single place while having fun and earning. many dapps to venture into the rising move-to-earn movement. Fitfi, Genopets, Dustland, Dotmoovs, Olive X, and a few other dapps are also pioneering the trend. Even though Stepn is currently the leading move-to-earn dapp, it remains one of the steepest entry-level barriers in the entire blockchain game industry (around $780 for an NFT sneaker at SOL’s current prices).
You can keep updated about what’s going to happen here BitBcn – Olympia.