1.3 million UAW connected to games in the last seven days
Blockchain gaming continues to thrive despite cryptocurrency prices plummeting over the past week. More than 1.3 million active wallets connected to a blockchain game when the markets turned red, showing a clear appetite for play-to-win games and testament to the utility now offered to users. Blockchain and Web3.
Six of the top ten ranked dapps on DappRadar by the number of wallets that connected to them in the last seven days are in the gaming category. Combined, they saw more than 1.3 million wallets connected to gaming platforms. Splinterlands barely reacted to the crash and retained its impressive weekly number of nearly half a million connected wallets, even slightly increasing. Alien Worlds has seen a 14% increase in activity, while blockchain farming game Wax Farmers World saw more than 166,000 active wallets in the previous seven days.
Upland and Mobox saw slight dips in activity, but nothing to worry about, and overall all games maintained a good performance, while BTC and ETH lost almost 50% of their value from the November highs.
What about DeFi activity?
Two DeFi dapps stand out on the list, but this is where the nuance of understanding the dapp categories matters most. DeFi dapps are where most of the investors’ value was locked up or stored when the markets turned red. An increasing number of wallets going online around the same time prices started to drop may indicate a few things. First of all, all those wallets turned to the platform to withdraw their funds from various positions and try to save as much value as possible. Alternatively, they could exchange their holdings for a stablecoin like USDC.
On the other hand, investors with an eye for risky trades in turbulent times could make the most of arbitrage and broader opportunities. However, it is safe to say that opportunists would be in the minority and people trying to save value would be in the majority. Therefore, it is best to let the dust settle before taking a closer look at DeFi dapps to better assess the flow of money.
Games thrive on low-cost blockchains
It is also interesting to see which blockchains the most widely used dapps run on. A glance at the list reveals that Ethereum is nowhere to be found. Instead, Wax, BNB Chain and Solana dominate when it comes to users. All of these blockchains are cheaper and faster than Ethereum and have become home to some of the most widely used dapp games in the industry. Now, as we enter the bear market, those same dapps continue to drive blockchain usage and keep the outlook for decentralized applications positive.
DappRadar’s latest industry report from April indicates that blockchain gaming drives more than 50% of blockchain app usage. Amid the recent price drop, it was expected that the use of dapp could fail as well. Instead, we see the opposite. As token holders settle in and prepare for the upcoming crypto winter, they have a plethora of fitness and social games and apps to explore. There is arguably more utility than ever for token holders. Unlike in 2018, users are now more prepared, more educated, more resilient, and most importantly, more confident than ever that blockchain and cryptocurrencies are here to stay.
The foregoing does not constitute investment advice. The information provided here is purely for informational purposes only. Please exercise due diligence and investigate. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.