“While [decentralized finance] and overall blockchain activity have been on the downside, game Unique Active Wallets (UAW) continues to rise, reaching almost 1 million daily wallets,” Pedro Herrera, DappRadar’s head of research, told CoinDesk in an email.
“Although game tokens also suffer from challenging market conditions, blockchain games continue to be played at growing ratios. With relevant gaming events like The Sandbox Alpha Season 3, Illuvium’s Beta gameplay, Gala live games or Axie Infinity’s land staking available, Web3 games are shaping to be the industry’s driving force for months to come,” Herrera added.
NFT giant OpenSea remains the dominant marketplace, though its share of the market by trading volume has dropped to 60% for the first time since it was started, DappRadar found. It added that OpenSea peers, including X2Y2 on Ethereum and Solana’s Magic Eden, grabbed some of OpenSea’s market share (84% in May). Further competition in the sector looms for OpenSea from the likes of GameStop and Nickelodeon’s recent NFT initiatives.
“The question remains whether NFTs can get back to the euphoria level experienced during the avatar craze and whether the crypto market can finally decouple from the capital markets that might suffer a rocky macro environment in the near future,” Herrera said.
“Overall, the dapp industry is responding well to the crypto winter and the turmoil from the crypto contagion. It remains to be seen whether the downfall of Terra and the [Three Arrows Capital] and Celsius [Network] bankruptcies still have more to uncover. However, expect regulators to speed up their policy-making processes,” according to Herrera.
This content was originally published here.
