DeFi, Blockchain Gaming, NFTs Stay Strong Despite Crypto Winter

The past couple of months has witnessed heavy bloodshed in the crypto market. Except for a few, the majority of the cryptocurrencies have seen a downward trend with continuous battering. And to this day the crypto market is still suffering massively as the BTC hits another all-time low. However, a silver lining amid this storm is seen in NFTs and blockchain games as they are still going strong and braving the odds.

For the first time in 17 months, BTC has hit an all-time low of $23000. The bearish trend continues and the year 2022 has denied giving any relief to the cryptocurrency so far. Moreover, alternative cryptocurrencies have gone down to 90% from their all-time highs. And it doesn’t end here, DApp activity and infrastructure concerns for Solana are also impacted by the bearish trend.

Despite the wipeout of billions of dollars in Terra and the killer bearish trend since November 2021, the industry is bouncing back. The silver lining lies in the DeFi which has shown positive numbers amidst the bloodbath. The resilience shown by NFTs is commendable as it records a volume of $3.7 billion in May 2022.

Moreover, OpenSea generated 950000 ETH in volume, though a decrease of 6.5% still stands tall when compared to the crypto industry. Solana is however on the positive as it records a 13% increase in volume in May 2022; crossing $335 million.

NFT marketplace is also witnessing market competition where platforms like LooksRare and Magic Eden are gaining ground. OpenSea’s trading volume decreased from 90% to 63.3% which is a healthy sign for the NFT industry as the competition is growing.

Blockchain games have shown a lot of resilience amid the adverse market condition. However, things are still looking promising for it as it only suffered a 5% decrease in unique active wallet connections. Moreover, the top blockchain games have been successful in player base retention. In addition, the metaverse projects have attracted venture capitalists and the funds are finding their way into the industry.

New projects based on Move to Earn developed by STEPN and Genopets have introduced new mechanics and modes in blockchain gaming. Lastly, virtual worlds like Otherdeed are also making a ton of money, $850 million in May 2022.

DappRadar’s report is promising for the blockchain gaming and NFT industry. It is highly likely that the upward trend for DeFi will continue in the coming months.