Blockchain gaming unfazed by crypto volatility as gamers ‘seek out entertainment’

Share Story on

The web3 gaming industry is one of the few sectors seemingly unaffected by current crypto market conditions, with capital continuing to pool into the space – and some industry players say it’s for good reason.

“The current market environment is funny,” Robby Yung, CEO of Animoca Brands, said to TechCrunch. “People have a tendency to couple crypto markets with blockchain games and content, but actually it’s only as appropriate as linking tech stocks on Nasdaq with the businesses of tech companies. There’s a certain correlation, but it’s tenuous.”

While the crypto industry was in freefall over the past few months, web3 games remained fairly stable. In May, over 1.15 million daily unique active wallets interacted with blockchain games, down just 5% from the previous month, according to a DappRadar x BGA Games report.

The number of active users “has nothing to do with the market,” Yung said. “You can argue it’s countercyclical because as we see in entertainment products, there tends to be more consumption when the economy is not so good because people will seek out entertainment,” he added.

While the future of the industry was in question amid the bear market of 2018, there has been tremendous validation and progress since then, Yung said. “The rest of the year will definitely be challenging, but I’m optimistic for the first quarter of next year.”



Search By Category

Recent News

You May Also Like

Class On ERP launches India’s most advanced homework feature for the schools

Class On ERP launches India’s most advanced homework feature for the schools

New Delhi (India), July 1: Class On, the fastest-growing provider of school management ERP solutions, has introduced India’s first cutting-edge “homework” feature to help teachers,

A Revolutionary initiative for commerce Students to develop competence to Create Job Opportunities through Gamification in Learning

A Revolutionary initiative for commerce Students to develop competence to Create Job Opportunities through Gamification in Learning

Good News For Commerce Students Or Commerce Graduates July 1: How to find a job after completing degree? How to prepare for the interview? I

To provide brands collaborate with influencers, LetsInfluence sets up its new office in Mumbai

To provide brands collaborate with influencers, LetsInfluence sets up its new office in Mumbai

(Gurugram) Haryana [India], July 1: Under the guidance of a visionary leader, Bhawna Sethi, India’s leading influencer marketing firm, LetsInfluence, set up its new office

INDEF proudly supports the CII Manufacturing Excellence Summit 2022 to make India a global manufacturing hub

INDEF proudly supports the CII Manufacturing Excellence Summit 2022 to make India a global manufacturing hub

New Delhi (India), July 1: Hercules Hoist Limited, also popularly known as Indef, participated in sponsoring the flagship event conducted by the Confederation of Indian

For a healthy living environment, Pg On Palm announces the use of UV cleaners for microbial disinfection

For a healthy living environment, Pg On Palm announces the use of UV cleaners for microbial disinfection

New Delhi (India), July 1: Offering living space to today’s working and learning professionals, Pg On Palm announces using UV cleaners for microbial disinfection of

Sravani Hospitals to honor 50 renowned Hyderabad doctors on National Doctors’ Day and launch its hospital website

Sravani Hospitals to honor 50 renowned Hyderabad doctors on National Doctors’ Day and launch its hospital website

Hyderabad (Telangana) [India], July 1: Over 50 prominent doctors from the twin cities of Hyderabad and Secunderabad in the Telangana state will be honored by