Blockchain and Metaverse games expected to gross $9.25 billion in 2022

Blockchain Games and Metaverse Projects Expected to Raise US$9.25 Billion in 2022

  • DappRadar’s Q3 report highlighted a 91.61% decrease in virtual world project trading volume.
  • Still, the gaming industry accounted for 48% of all blockchain activity.
  • Beyond games, blockchains are also seeing demand as the European Parliament recently approved their use for tax collection.

The past two quarters have been full of surprises for the crypto community, with the third quarter in particular being the most volatile. The effects of the same have been seen on crypto projects in several ways, in which blockchain games have noted significant user and investor preference.

Q3 for the virtual world

Overall, the months of July, August and September noted an overall negative reception in the crypto gaming industry. The top six gaming protocols were all below the mark when compared to their performance in the second quarter.

According to DappRadar’s report, Unique Active Wallets (UAWs) saw declines ranging from 2% to 42%, with only Solana seeing growth. Despite only being home to 4.82% of gaming activity, Solana marked a 269% increase in UAW.

Top 6 Gaming Protocols by Unique Active Wallets

Gaming protocols by UAW

Either way, the gaming industry in the crypto space is holding its own, with 48% of all blockchain activity representing blockchain gaming. Metavers, on the other hand, recorded its biggest drop in 2022 during the last quarter.

The report shows that the trading volume of virtual world projects decreased by 91.61% in the third quarter, as land sales fell by 37.54%. With the exception of May, trading volume has always been below $200 million, gradually declining to around $6.6 million in the third quarter.

Volume of transactions and sales of Metaverse projects

virtual world blockchain games metaverse

Additionally, market volatility has also weighed on investments in blockchain and Metavers gaming projects. The third quarter saw only $1.3 billion raised, which again turned out to be the lowest this year.

Investment in blockchain games

investment metaverse blockchain games

However, with $7 billion raised in nine months, the year should end with a total figure of $9.25 billion, assuming the fourth quarter estimates turn into reality.

EP uses blockchains

The blockchain industry is also attracting interest from the non-gaming niche. As FXStreet reported earlier last week, the European Parliament has called for the use of blockchains in its recently approved tax collection policy. To implement a more transparent and efficient tax collection system, the European Parliament suggested the use of blockchain, identifying it as a key and efficient tool.

This would increase the reach of blockchain technology to a more massive user base, advancing the industry itself.

By Aaryamann Shrivastava, FXStreet

Aaryamann Shrivastava is a cryptocurrency market journalist and analyst with over 1000 articles under his name. A graduate with honors in journalism, he has been in the cryptocurrency industry for over a year now.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages which may result from the fact that anyone relies on such information.

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Blockchain and Metaverse games expected to gross $9.25 billion in 2022

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