Despite the bear market, the number of users of blockchain games is still increasing
Bear markets are always tough, but one of the positives is that bear markets clear the clutter and allow legitimate projects to come to the fore.
While most investors focus on the latest centralized finance (CeFi) and decentralized finance (DeFi) scandals, the blockchain gaming industry has weathered the storm better than other niche markets.
Total number of unique active wallets interacting with smart contracts Source: DappRadar
As the chart above shows, all segments of the market have experienced significant declines in active users, but the gaming segment has proven to be the most resilient in retaining users as the bear market intensifies.
Transaction volume continues to rise
We can further demonstrate continued player stickiness by looking at the number of deals in the top areas of the market.
Total number of transactions sent to smart contracts Source: DappRadar
At 173.17 million gaming-related transactions, this is significantly higher than any other segment of the market, with the next closest segment being decentralized finance at 8.86 million.
Among them, the WAX, Hive, BNB Smart Chain (BSC), Solana (SOL), and Ronin protocols contributed the most to the number of transactions, with WAX leading the way with a current transaction volume of 158.23 million.
Total number of transactions per protocol Source: DappRadar
While the total value of transactions is still dominated by exchanges, more and more users active in the crypto ecosystem are currently participating in the gaming space.
Data shows that WAX and BSC attracted 2.94 million and 2.49 million users, respectively.
Total unique users per protocol Source: DappRadar
Currently, Alien Worlds on WAX and BNB Chain leads the list with 196,700 users, followed by Splinterlands with 147,820 active users. It’s worth noting that the top three games by active users are all running on WAX.
Top 6 games by number of active users Source: DappRadar
While Axie Infinity is lower on the list, it has been one of the most active games over the past year, leading the way in transaction value.
Gaming has proven to be one of the most resilient sectors in terms of retaining active users, despite the sharp correction in blockchain-related gaming-related altcoins.
That fact, combined with the gaming industry's rising popularity, suggests it's an industry with the potential to lead the next bull market.