Blockchain-based games Alien Worlds and others, see an uptick in users despite bear market conditions
It’s not surprising that the Metaverse altcoin / gamecoin world has been much more resilient than the rest of the Crypto market: The various earnings opportunities (P23, mining, staking, etc) associated with many Metaverse games provides multiple additional use-cases for this sector, as compared to the generally speculative nature of the use-cases around DeFi and CeFi for more standard coins like BTN and ETH.
With the current highest active user counts, less dramatic coin price decreases, and the inherent value and interest to users of the games themselves, it becomes obvious that Metaverse gamecoins have the potential to lead in any return to a Crypto bull market. As has been the becoming the case for the past two quarters, Alien Worlds and the WAX blockchain lead the charge with WAX having the most active users, and Alien Worlds dominating with the largest share of those users.
Market bears are difficult, but one of their positives is they clear the clutter, allowing legitimate projects to stand out.
Blockchain gaming has quietly weathered the storm better than other niches of the market while most investors are focused on the latest scandals involving centralized finance (CeFi) and decentralized finance (DeFi).
As shown in the chart above, all sectors of the market have seen a noticeable decline in active users, but the gaming sector remains the most resilient.
Transactions continue to rise
A look at the number of transactions occurring in the top sectors of the market provides further evidence of gamers’ continued engagement.
As of today, gaming-related transactions amount to 173.17 million, significantly more than any other sector of the market, with decentralized finance coming in second with 8.86 million transactions.
WAX, Hive, BNB Smart Chain (BSC), Solana (SOL) and Ronin contribute most to the transaction count, followed by WAX with 158.23 million transactions.
In spite of the fact that exchanges remain the dominant players in the crypto ecosystem (by value), the gaming industry is gaining a growing number of users.
WAX and BSC attract new users
Data shows that users are specifically drawn to WAX and Binance Smart Chain, which saw 2.94 million and 2.49 million users.
Alien Worlds on WAX and BNB Chain currently holds the top spot with 196,700 users, followed by Splinterlands with 147,820 active users. It’s also worth noting that the top three games in terms of active users operate on WAX.
While it has fallen far down the list, Axie Infinity (AXS) has consistently been one of the most active games for the past year and a leader in terms of the value transacted.
Related: Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’
Gaming is bigger than music, movies, and TV combined.
It’s compounding 10% year on year.
The $100bn a year spent “renting” items is going to turn into a trillion dollar ownable economy.
All of it will be built on web3. pic.twitter.com/TQz6xxa8hx
— Robbie Ferguson ⓧ – Hiring! (@0xferg) June 30, 2022
Despite the sharp correction in blockchain gaming-related altcoins, gaming has proven to be one of the more resilient sectors in terms of retaining active users.
This fact, combined with the rising popularity of the gaming industry, suggests that it’s one sector that has the potential to lead the way into the next bull market.
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