Despite Terra’s $40 billion collapse in Q2 turning sentiment on crypto sour, the crypto market remained “bullish” on blockchain gaming and the Metaverse during the quarter according to DappRadar.
“It is becoming clear that the Terra debacle has become a Lehman brothers-like event that has sent shockwaves across the entire breadth of the crypto industry and aftershocks that will affect us for many months.”
One key metric the report looks at is transaction count , which essentially shows user engagement. DeFi and NFTs saw the biggest drops with 14.8% and 12.2% apiece, while blockchain games and NFT-related Metaverse projects “managed to sidestep the ensuing bear market” by posting increases of 9.51% and 27% each.
The trading volume for Metaverse-related NFT projects was also described as a “beacon of hope,” as volumes increased by a whopping 97% since in Q2, despite the overall NFT sector posting a 32.66% drop in Q2.from July, the firm suggested that the blockchain gaming may have been able to hold up better than other crypto sectors last quarter due to the non-speculative aspects of the games themselves.
DappRadar also said there was sustained institutional investment in both blockchain gaming and the Metaverse, highlighting that many top companies see the potential forMetaverse visionary Neal Stephenson is building a blockchain to uplift creators
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