Crypto-based play-to-earn games and game-related non-fungible tokens (NFTs) comprise the least affected sector in all of crypto during the current bear market, with venture capital investments continuing to flow into the sector, a new report from the decentralized app tracking site DappRadar has found.
According to the report, the gaming sector in crypto reached a peak as recently as June this year, when it finally experienced a slowdown as measured by the number of unique active wallets (UAW).
By comparison, the number of daily active wallets on the Ethereum (ETH) network as a whole reached a peak of well over 1m in May 2021, which it has yet to surpass.
The high usage implied by the number of active wallets was interpreted by investors as “a bullish signal to keep investing in blockchain games,” DappRadar wrote.
It further noted that the second quarter this year saw venture capital investments of USD 2.5bn flowing into the sector, which it said maintained the pace set in the first...
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