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Metaverse And Blockchain Gaming Seemingly Survive Terra-Luna Crash

The Terra-Luna crash, sparked by the Terra stablecoin collapse in May, erased around $40 billion of venture capitalists and retail money, creating a spillover effect on the rest of the industry. However, according to DappRadar, gaming NFTs and the metaverse were least affected by the crypto crash.

Blockchain gaming actually spiked by 9.51% in the second quarter of 2022, while the average amount of unique active wallets interacting with various NFT projects up 48%. 

“We think that blockchain gaming is going to be key in the next two or three years and is going to bring at least 100 million new users into crypto, for one simple reason, they connect NFTs and DeFi,” Skirmantas Januskas, CEO of DappRadar. “With all three combined, blockchain gaming, NFTs and DeFi you will see something genuinely new and exciting.”

The vertical most affected by the crypto crash was the DeFi landscape, which has seen transactions in the second quarter fall 14.81%. Additionally the NFT market shows a 67% decline in trading volume and 21% in the number of transactions since May.

DappRadar’s report also touched on the concerns that India and Russia have in terms of crypto regulation:

”Regulation is never warmly appreciated within the crypto community,” added Januskas. “Many hardliners criticize legislation as going against the core facets of crypto being autonomous and decentralized. Many fear that incoming regulation will stifle the creativity and freedoms that many in the industry enjoy.”

(All information was provided by The Indian Express)

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