Blockchain games were the subject of the latest DappRadar x BGA Games Report #5. published on Tuesday. The report looks at healthy ecosystems and investments flowing into the GameFi and Metaverse markets.
Several projects were detailed in the report, noting their continued success and growth. Splinterlands, Illuvium, Galaverse, and STEPN continue to bring new players to their platforms, generate financial interest, and grow their businesses.
DappRadar argued that the common theme of many of these popular projects was the underlying utility provided by the gaming aspect itself. The GameFi and Metaverse projects have begun using non-fungible tokens (NFTs) and crypto tokens in ways other than pure speculation – one example is the NFT shoes in the STEPN project, which can be bought and sold in the STEPN Metaverse, potentially offering some incentive in addition to the exercise aspects of the game .
The report indicates that the gameplay itself demonstrated, at least in part, usefulness in the context of the Metaverse in the second quarter of 2022. As bitcoin was declining in early June, blockchain game Illuvium sold 20,000 plots of land, generating 4,018 ether (ETH) for its developers, worth $72 million at the time of the sale. The report states that since May, Splinterlands has been holding 350,000 unique active wallets (UAWs) daily, indicating a slight 4% decline from April.
Investment also continues to flow into space. A16z and Dapper Labs have invested $1.3 billion in GameFI and metaverse technologies, which seems to indicate continued interest and support from venture capital. Decentralized blockchain Flow has also received a $725 million investment from Dapper Labs to support its metaverse-related initiatives such as NBA Top Shots.
Metaverse-related technologies are still in their incubation period and likely have a long way to go. Interoperability issues, security issues, legal clarity, use and misuse, market volatility, and market sluggishness all continue to be a major hurdle for young technologies.
Credit : cointelegraph.com