Blockchain Games Barely Impacted by FTX Fallout
Looking from the side, most onlookers would think the crypto industry just imploded to a level that means no way back. In reality, however, the landscape is far brighter. The argument for total decentralization and true DeFi is as strong as ever while gamers keep playing and find use in the decentralized applications tracked by DappRadar.
In fact, throughout the current bear market cycle, blockchain games showed the highest levels of resistance. Moreover, the numbers show that dapps are being used, and blockchain technology can give more than speculative token investments to end users. Dapps are becoming the new apps, and that’s precisely what DappRadar has been counting on.
FTX collapse is not interesting
Those entering the crypto space from a gaming or NFT angle perhaps dont even care about the collapse of Alameda and the centralized exchange FTX. Potentially they need to find out who Sam Bankman Fried is and why the collapse of Alameda and FTX is such a big deal.
Why should they? Unless their tokens were held in FTX, which is unlikely given most blockchain games have internal marketplaces and staking options for their players, meaning that keeping tokens in a blockchain wallet is vital. Arguably, gamers learned the harsh lessons of – not your keys, not your crypto, without even realizing it.
Gamers will keep playing
The numbers dont lie, and while the world is engaged in pulling apart the story of a crypto billionaire turned man on the run, gamers are doing what they do best—playing games, earning rewards, and building out gateways for the mass adoption of blockchain.
Below we look at seven-day data for blockchain games ranked by the number of unique active wallets connecting to a dapp. The numbers are week over week, so it indicates an increase or decrease over seven days. 50% of the games show a positive uptick in usage, while others show minor downtrends, which are pretty standard when looking at week-over-week data.
Another strong argument is that playing blockchain games at a time when tokens are down in value makes more sense, as anything collected today can be redeemed later when prices are more favorable.
What are people playing?
Lots of the biggest titles in the Web3 gaming space have seen increases in the number of unique active wallets (UAW) interacting with their dapps compared to last week.
These statistics only show a week of data, so we don’t have enough information to state that no dapps will be affected by what happened at FTX. Moreover, at this time, it’s heartening to see that many sections of the blockchain industry are still operating, growing, and creating.
You can read our ongoing analysis of which dapps are safe from the fallout of FTX here.
Builders keep building
Everyone in Web3 has been affected in one way or another by events at FTX. At the very least, people’s confidence in the industry will have been shaken, and they’ll be wondering what these events could lead to.
Fortunately, Star Atlas CEO Michael Wagner has his sights set far into the future. Even though his game is built on Solana, he still believes that the network is the best place for his platform to grow. Meanwhile, The Sandbox, another huge player in the Web3 gaming and entertainment industry, just announced another partnership that promises to help the platform grow.