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The coldest crypto winter has defeated all areas of crypto, but the NFT and blockchain gaming industry remains strong.. NFT trading volume increased by 23%, but the blockchain gaming industry has made record investments.
Market capitalization has fallen 34% since the Terra disaster that drove the market to winter. Since then, I have been struggling in all areas of cryptography. Even the most prominent crypto companies have fired up to 25% of their staff. Cryptocurrency exchanges, mining companies, and even cryptocurrency regulations have stopped in the bear market. Trouble with major crypto companies such as Celsius, 3 Arrows Capital and BlockFi further released fear and accelerated bearish emotions.
NFTs have also been hit by the bear market, which was burned by the collapse of Terra, but are still bullish.
Overall sales increased 59% from the second quarter of 2021. This increase is visible slightly compared to the trading volume, which increased by 553% from the same quarter.
Analyzing NFT trading volumes over the past few months, it appears to be down 70% from May when measured in US dollars. However, when measured with Ethereum (ETH) over the same period, the decline was small, a 55% reduction.
By comparison, the market capitalization NFT shows growth despite the bear market when measured by ETH. The lowest was recorded at 3 million ETH in October and the highest was over 6 million ETH in April. As of June 2022, NFT trading volume remains at approximately 5 million ETH.
The report states:
The statistics are even more impressive, as year-over-year growth in Ethereum-based collections increased by 2093%, polygons increased by 456%, and overall increased by 1999%.
The study also points out that Opensea has lost market share on new platforms such as LooksRare, x2y2 and Solana’s Magic Eden. Recent experience with Opensea phishing attacks may be involved in this distribution. Anyway, Opensea is still the main NFT market.
Blockchain-based games can also record bullish emotions in the middle of winter.
The blockchain gaming industry was down 5%, while the rest of the industry was down 26% overall. The report states:
“This is a bullish indicator of blockchain games. Many people speculate that if the average user isn’t financially profitable, the game’s dapp will lose most of its player base. Proved not to be “”.
Spliterlands has emerged as the most played blockchain game. Eight months have passed, and the number of active users per day has exceeded 350,000, a decrease of only 4%.
Alien Worlds, Farmers World, Upland and Axie Infinity followed Splinterlands as the top five blockchain-based games.
Axie Infinity is fourth, but recent research has shown it to be the most searched NFT community in 122 countries.
