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Blockchain Games Dominate Market Amid Crypto Winter: DappRadar

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  • Blockchain games recorded a 1.15 million daily UAW in May, reports DappRadar and BGA.
  • The sector only saw a mere 5% decrease from its numbers in April.
  • According to the report, blockchain games raised $1.4 billion in funding.

Blockchain games recorded 1.15 million daily unique active wallets (UAW) in May, reports market tracker DappRadar and Blockchain Gaming Alliance (BGA).

According to the fifth report published on Monday, blockchain games continued to get active interactions from unique wallets last month, decreasing only by 5% from the numbers from April. These findings attribute to several key developments from various projects based on the update.

Daily UAW from November to May 2022
Daily UAW from November to May 2022 (Source: DappRadar)

Splinterlands, DappRadar’s leading blockchain game, attracted 350,000 daily UAW, plunging by a mere 4% from April.

In late May, the blockchain trading card game had a sale of its SPS validator node licenses, in which 2,000 SPS were sold out within 15 minutes. This allowed 14.5 million of the platform’s governance token, Splintershards (SPS), to be burned, allocating about $4 million to the game’s DAO.

Another notable recent development in the space is move-to-earn (M2E) STEPN’s continuous growth. Described by DappRadar as the most popular M2E dapp, STEPN logged 2 million monthly users since the last report.

Based on data from TechCrunch, GMT, STEPN’s governance token, has also become popular with investors. TechCrunch reported that 262,000 unique wallets were holding GMT tokens, and the number continues to rise despite bearish market sentiment.

The price plummet of Solana (SOL) also helped lower the price of Sneaker NFTs, making it easier for users to enter the STEPN ecosystem.

Other M2E dapps, including Genopets and Avalanche’s Step App, also took strides during the crypto winter, launching their respective game developments.

Meanwhile, blockchain games raised a whopping $1.4 billion in funding from venture capitalists, such as Andreessen Horowitz and Dapper Labs. DappRadar reports that 25% of capital raised in 2022 has gone to the development of metaverse gaming projects.

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