As FTX's decline continues, it appears that there has been some green dominance for some of the major cryptocurrencies in the last 24 hours, but that is not the case. The FTX saga continues to have an effect pushing the crypto market deeper into the red, but it came as a big surprise to me that this doom is not really affecting some sectors of the cryptosphere despite the recent turmoil caused by the second largest crypto exchange, FTX.
A report by data analytics firm DappRadar claims that the blockchain gaming sector has remained a driving force for the decentralized applications (DApp) industry since November, when the FTX crash began. Many crypto sectors were affected and many of them went bankrupt, some laid off their staff, but blockchain gaming caused a huge demo in the cryptosphere and it seems that the gaming sector is not affected much by this turmoil.
The blockchain gaming company has been resilient despite the heavy predilection of FTX. The gaming industry is the only sector that accounts for 43% of all blockchain activity in November. But to be fair, two months before the FTX saga I'm talking about September. The report says that blockchain gaming has the lowest month for blockchain gaming investment, noting that the month of September 2022 was a major low point for the gaming industry, with promising projects continuing to rise.
According to DappRadar, report that "In October and November, gaming activity alone accounts for half of blockchain activity across 50 networks, with 800,875 daily unique active wallets (UAW) interacting with gaming smart contracts in November" . the same November blockchain games raised more than $322 million, falling just 12% despite the red numbers.
As for why the industry did not back down in the wake of the FTX implosion, DappRadar says that those entering the crypto gaming space don't have anything to do with downed centralized exchange, particularly NFT channels don't have interest in them, unless an NFT project token were held on FTX, but that don't common because most of the blockchain game have an internal marketplace for their project and that give them the reason of not keeping their tokens out of the blockchain, if not, this will result in losses and probably now most of the game industry would've dead and give reason for Investors to have hardest web3 experience. Dealing with centralization is disgusting and hardest lesson for everyone in 2022: not your keys, not your crypto.
Thank you for your attention 💞💖
