GameFi and Metaverse least affected by Terra crash: Report
In the wake of Terra collapse, blockchain gaming and metaverse projects are faring well while DeFi and NFTs suffer
By Shashank Bhardwaj
Blockchain gaming and the Metaverse have successfully managed to avoid damage from the Terra crash in May, while decentralized finance and non-fungible tokens have been affected. Firms such as Three Arrows Capital (3AC), Celsius and Voyager have also been hit hard.
Many are comparing it to the infamous financial crash of 2008 caused by the subprime mortgage crisis, with a report from decentralized application (DApp) data aggregator DappRadar claiming, “It is becoming clear that the Terra debacle has become a Lehman brothers-like event that has sent shockwaves across the entire breadth of the crypto industry and aftershocks that will affect us for many months.”
However, the report also stated that the blockchain gaming and metaverse industries have sustained little to no damage, with some even showing positive growth in the period of the crash.
According to the report, the Terra collapse in mid-Q2 affected the performance of many sectors of crypto in the first two quarters of 2022. Transaction count, which is the total number of completed transactions and is an indicator of user engagement, in DeFi and NFTs experienced the biggest drops of 14.8 percent and 12.2 percent apiece. Meanwhile, blockchain games and metaverse projects saw increases of 9.51 percent and 27 percent each, effectively “sidestepping the ensuing bear market.”
While the average amount of activity from unique active wallets (UAWs) dropped by 24 percent in Q2 for NFTs, blockchain gaming saw a drop of just 7 percent. This suggests that users interact with DApp games “at a more or less the same rate as before the Terra incident.” The trading volume for metaverse-related NFT projects increased by an impressive 97% while the overall NFT sector struggled, reporting a 32.66 percent drop in Q2.
In another DappRadar report from July this year, the reason for blockchain games faring better than other crypto sectors in the last quarter is the non-speculative aspects of the games themselves. “This bullish activity indicates that engagement with the virtual worlds is not predicated on their profitability to the end-user. It shows virtual worlds are intrinsically fun to the end-user as the communities remain active despite the devaluation of native tokens,” the report read.
It also attributed the growth to increased interest in blockchain gaming and the metaverse from institutions and top companies. The amount of investment also reportedly remained constant in the wake of the Terra collapse. “Despite a financial blow and undermined trust in the industry, investors remain bullish as the number of investments into blockchain games and metaverse projects has remained constant quarter-over-quarter, with $2.5 billion invested in both Q1 and Q2,” the report read.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..