DappRadar didn't see influence of Terra's collapse on metaverses and GameFi

by in Cryptocurrency News


GameFi and the Metaverse were the best performers in the second quarter during the bear market. The number of transactions associated with them increased by 9.5% and 27%, respectively, according to a report by DappRadar.

For comparison, this metric applied to DeFi and NFT showed a decrease of 14.8% and 12.2%.

A similar picture emerged in terms of the average volume of network activity per unique active wallet. In blockchain games, it decreased by 7%, and in NFT - by 24% at once.

Metaverse project token trading volume jumped 97%, while the NFT sector as a whole fell 32.7%.

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“Such activity indicates that interaction with virtual worlds does not depend on their profitability for the end user,” the experts emphasized. DappRadar noted the resilience of investments in blockchain games and metaverses by institutional investors, who see strong growth potential in them.

The amount of funding has not changed ($2.5 billion), despite the collapse of the Terra ecosystem. Experts compared it to the consequences of the collapse of Lehman Brothers for traditional financial markets.

Recall, according to Pitchbook estimates, from April to June, venture investments in crypto startups fell by 31%.

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Andreessen Horowitz previously launched a $600 million fund to invest in games and the metaverse.

Before this, Haun Ventures, led by former a16z general partner Kathy Haun, raised $1.5 billion in two crypto funds with a similar focus.