Blockchain games were the topic of the most recent DappRadar x BGA Games Report #5, printed on Tuesday. The report checked out healthy environments and investments entering the GameFi and metaverse markets.
Several projects were covered at length within the report, which outlined their ongoing success and growth. Splinterlands, Illuvium, Galaverse and STEPN have ongoing to create beginners for their platforms, gain financial interest and expand their companies.
DappRadar claimed that the common theme between a number of these popular projects was the actual utility supplied by the gaming aspect, itself. GameFi and Metaverse projects have started to utilize nonfungible tokens (NFTs) and crypto tokens with techniques apart from pure speculation — an example to be the NFT footwear within the STEPN move-to-earn (M2E) project, which may be bought and offered within the STEPN metaverse, potentially offering some incentive additionally towards the exercise facets of the sport.
The report signifies that game play, itself, has, a minimum of partly, shown utility poor the Metaverse in Q2 2022. As Bitcoin was declining at the begining of June, the blockchain game Illuvium offered 20,000 land plots, generating 4,018 Ether (ETH) because of its developers, worth $72 million at that time the purchase required place. The report recommended that Splinterlands has held 350,000 daily unique active wallets (United auto workers leader) since May, showing a small 4% decline from April.
Investments have ongoing to roll in to the space too. A16z and Dapper Labs invested $1.3B into GameFI and metaverse technologies, seeming to point ongoing investment capital interest and support. Decentralized blockchain Flow also received a $725 million investment from Dapper Labs to aid its metaverse related initiatives for example National basketball association Top Shots.
Metaverse-related technologies still seem to be within an incubation period and sure have a lengthy road ahead. Interoperability issues, security concerns, legal clearness, uses and misuses, market instability and poor market sentiment all continue being major hurdles for that youthful technology.
