For much of the crypto market, 2022 has been an absolute disaster so far. The market cap has fallen by nearly $1 trillion since the beginning of the year to $1.1 trillion now and there have been a large number of projects that have been hacked. Among other things, the biggest hack in crypto history to date took place this year.
The mood on the crypto market has therefore increasingly deteriorated over the course of the year and currently most investors seem to have little interest in the crypto market.
One of the few sectors that seems to be bucking this trend recently is the crypto gaming industry. Despite the enormous price distortions on the markets, investments in crypto gaming projects have increased in recent weeks and the number of crypto gamers also seems to be increasing again.
Number of crypto gamers is growing again
According to the crypto analytics company DappRadarthe number of players in crypto games has risen from around 800,000 to almost 950,000 since August – an increase of 18.75 percent.
Another positive development was the total volume of traded NFT gaming items. Between July and August it increased by 13.25 percent. In addition, a report by DappRadar shows that the number of NFT gaming items sold has also increased over the same period. A total of 1.3 million NFTs are said to have been traded in the crypto gaming sector – at the beginning of July this number was still 600,000.
Nevertheless, the trading volume in the crypto gaming space is still at a low level overall compared to the beginning of the year.
Investors let over 748 million US dollars jump
However, that didn’t stop investors from continuing to pour hundreds of millions of dollars into the niche sector. In August, investments amounting to $748 million into crypto gaming projects, up 135 percent from July 2022.
According to DappRadar, 38 percent of the investments flowed into crypto gaming infrastructure projects, 33 percent into games and 27 percent into investment companies that are actively investing in the crypto gaming ecosystem.
Total investment in the sector was $1.1 billion in the third quarter.
They are definitely lower than in the first and second quarters of 2022. On the other hand, crypto gaming has now been at a distance compared to other crypto sectors for 12 months in a row most popular with institutional blockchain investors.
By the end of 2022, DappRadar expects total investments in crypto gaming to be around $10.2 billion. That would be more than double the $4 billion that were invested in 2021.
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