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- Crypto winter is affecting blockchain based games too.
- Ecosystems like Polygon (MATIC) are growing amid this crypto havoc.
- Sandbox is trying to shift from the Ethereum blockchain.
What Is Happening With The Blockchain Games
Falling ecosystems, organizations going bankrupt, cryptocurrencies struggling to maintain their value. Welcome to crypto winter folks. Dark clouds are still hovering over the cryptosphere and affecting its associated industries. Play-to-Earn blockchain gaming is among those sectors. Recently, Ethereum-based games witnessed a downfall but some others remain unaffected in this heavy turbulence.
Axie Infinity and Mobox received the hardest blow recently, The Sandbox (SAND) and Decentraland (MANA) followed the trend, shedding around 83% of their value as per the report issued by DappRadar. But this hasn’t affected sales of virtual lands which jumped by a whopping 97%.
As per the report, The Sandbox game is also shifting the ecosystem from Ethereum blockchain to more efficient Polygon. The latter offers reduced gas fees, much quicker transactions and is eco-friendly. Lower carbon emissions will let the users interact in a greener environment.
Ethereum blockchain is also trying to shift from Proof-of-Work algorithm to Proof-of-Stake mechanism to make it more efficient, especially in terms of energy consumption.
Axie Infinity Creators Cementing Trust Again
Axie Infinity is among the most popular blockchain games in the space. It allows the players to use Axies — the in-game characters — to complete quests, battle with rivals and more, to earn AXS and SLP, their in-game assets. Players can use the avatars as NFTs to sell on Axie marketplace to generate real world income.
But this wasn’t one of the best years for the game. Recently, Ronin Bridge, a bridge allowing a user to transfer assets between Ronin and Ethereum blockchain, got exploited by hackers. They wiped over $600 Million in crypto assets from the ecosystem, leaving the Axie community in turmoil.
But the game creators, Sky Mavis raised $150 Million for compensating the victims. And recently they announced that the Ronin Bridge is live again. They were able to gain the trust of the community back, and have reimbursed the affected users to set-off the damage. They’ve returned 117,600 Ethereum and 25.5 Million USDC, and the rest 56,000 ETH are with Axie DAO.
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.
