Crypto Gaming One of the Top Niches for Investors in 2022: Report.
The hype for crypto gaming is real and carries on with the momentum of 2021. According to a recent report by DappRadar and the Blockchain Game Alliance (BGA), the year 2022 shows promising signs for crypto gaming and crypto games developers.
The crypto gaming niche is attracting a massive amount of investment and will continue to do so this year.
The report reads that the Q1 of 2022 saw crypto gaming amassing $2.5 billion in investments, and this figure will skyrocket to $10 billion before the year-end.
The figures cement the notion that crypto gaming is a key sector in the eyes of investors and will continue to remain. In 2021, the crypto gaming niche could manage only $4 billion in a whole year.
However, the trend is quickly gaining traction in the year 2022 and is seeing an influx of capital despite all the criticism and challenges.
The overall activity of blockchain has increased by a mammoth 2000% from Q1 2021 to Q1 2022. The number of blockchain gaming wallets is also on the rise with 1.2 million unique active wallets (UAW) in the previous month.
This means that the crypto games account for 52% of the total blockchain activity in the blockchain industry.
Metaverse cool off
As for metaverse, the hype and fire are cooling off after Q4 2021 when Facebook got rebranded to Meta.
The report shows that the trading volume has witnessed a gradual decrease of 12% to $430 million in Q1 2022.
Moreover, the metaverse projects like Decentraland and The Sandbox also suffer a decline in their digital assets by 40% from Q4 2021 to Q1 2022. In addition, the trading volume also dropped by 20% and 60% respectively for both metaverse platforms.
The report also sheds light on one of the leading blockchain games Axie Infinity.
Irrespective of the $622 million heist against the game, Axie Infinity was already suffering from a decline since 2022.
The game had over 55000 unique active wallets in January which decreased to 20000 UAW in March. The hacking attack took place on March 23rd and was detected until March 29th.
Despite all the negatives, the game is still one of the top crypto games out there with more than 1.5 million daily active users.