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- Blockchain games remain unaffected by the crypto winter.
- Ethereum and Solana saw a decline in unique active wallets.
- A report said that the metaverse sector will become a 678 Billion USD industry.
Ethereum Still Dominating The Market
The investors are getting annoyed by this never ending crypto winter. It has taken other sectors down with it including DeFi, NFT, dApps and more. But recently, a DappRadar X BGA Games Q3 report states that blockchain games were immune to this heavy downturn. The sector is not showing any signs of recovery, it appears like blockchain games are having a nice time in this silent crypto valley.
According to the report, Unique Active Wallets (UAW) have increased by 12% to reach 1.81 Million on an average. Blockchain games have experienced an 8% rise in their ecosystem in contrast to last month. The space is still shedding its dominance in the market, it currently accounts for 48% share in the market.
Other blockchains like FLOW and Polygon saw increasing UAW on their networks. Polygon experienced a rise of 17% on the blockchain while FLOW witnessed a whopping 79% increase. On the other hand, Ethereum and Solana had to go through a downfall, with 29% and 33% decrease in unique active wallets respectively.
But this has not affected Ethereum’s position as the most dominant blockchain in the sector. The network still holds over 58% market share, a 3% growth in comparison to quarter 2. ETH network remains the favorite ecosystem to mint NFTs, followed by Solana, FLOW and others.
Crypto winter has largely hit the NFT sector as the market has gone down by almost 99%. The volume reached its peak during January 2022 when it surpassed $17 Billion in trading volume. But the space started witnessing the fall and saw the sales coming down to $526 Million in September 2022. Dune Analytics data shows that LooksRare dominated the metrics during the period followed by OpenSea.
In another report, the metaverse market appears really bright following the latest releases in the VR market. It says that the sector will grow at a Compound Annual Growth Rate of 39.4% to become over $678 Billion industry. Virtual/Augmented reality devices will play a vital role in digital spaces.
Virtual Reality may help in several areas including tourism, education, workspaces and more. North America held the largest market share in 2021, thanks to the fast adoption of metaverse marketplaces. Growth in Asian regions will increase following the elevated demand in immersive experiences.
There’s no point in talking about when the crypto winter will end as none of the assets have shown any considerable increase. Apart from this, more than 12,000 crypto coins have turned into zombies this year, a massive increase in contrast to 2021, when the market saw 3.7K cryptos going zombie.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
