Although the cryptocurrency market has only just begun to recover from the aftermath of the FTX collapse and ensuing crisis, the underlying technology has remained strong, particularly regarding blockchain games. User activity on Web3 games in October and November accounted for nearly half of all blockchain activity (42.67%) across 50 networks, according to a new report by DappRadar shared with Finbold on Nov. 30. The average number of unique active wallets (UAWs) that interacted with games in November was 800,875.’ Smart contracts every day and had seen a relatively small 12% drop since September, when the industry had 911,720 active wallets.
Nevertheless, the current state still represents a downturn compared to late 2021 and early 2022. The Solana (SOL) blockchain suffered the strongest hit of any relevant network as a huge drop in single-wallet activity was nearly 90 % during the month, with an average of 2,326 daily active wallets.
Despite the crisis, funds continued to flow into Metaverse and blockchain gaming projects, raising $534 million in October and November, with the bulk of the investment going into infrastructure construction and maintenance. So far, this year’s current expectations for blockchain games investment are around $8.16 billion, up 104% from 2021’s total of $4 billion. The fourth quarter of 2022 saw the highest amount of Low Funding: $500 million. As Feingold previously reported from blockchain games and Metaverse projects raised $1.3 billion during the third quarter of 2022, down 48% compared to the second quarter of 2022.
Meanwhile, the total transaction volume in the non-fungible token (NFT) game in October and November totaled $55 million, with the popular blockchain card game Gods Unchained topping the list by generating 64.25% of the total transaction volume. Reached $21.6 million and $13.45 million in the two months.