Blockchain technology is used to solve traditional technological problems and many industries are transforming by incorporating Blockchain technology. And it is also opening new doors of opportunities, and even inventing new industries. Gaming is one of those industries which is getting transformed by the Blockchain and it has been driving millions of users and a tremendous amount of sales and trades of in-game items, we can say that Blockchain Gaming creates an entirely new ecosystem. But there was a huge fallback in the crypto industry in recent times, and it has affected almost every part of the space whether it be the DeFi sector, CeFi lending platforms, and many others, but the gaming industry is one that got very little affected comparatively other sectors in the space.

The Day

On the 7th of May 2022, the entire Terra ecosystem collapsed due to the failure of an algorithmic stablecoin called UST, which had a market cap of over $18 Billion. And one thing to show how critical this fall was, is that the entire market cap was wiped out in a matter of hours plus the amount that affected the crypto market. Every sector including decentralized finance, centralized finance got collapsed and lost a tremendous amount of money in the process and it drove the crypt market into a bearish zone. Many people were scared to invest in the market, panic selling was going on everywhere and candles on charts were dipping to the bottoms. During these extreme conditions, many weak holders, as well as other investors, got thrown out of the market, people hesitated to get into the market and the new investments were also fading up.

Blockchain Gaming - Standing Strongly!

Blockchain Gaming got popular as soon as the concept got into the mainstream. It was the new way of earning and the adoption of NFTs. With the hype of NFTs, blockchain gaming started to see a boom in terms of total sales, the number of users, and continuous adoption. Some of the popular blockchain games like Axie Infinity, Splinterlands, and many other games drove thousands of regular players in just a matter of months, and sales of its marketplaces went skyrocketing. But then the crypto market crashed and many games were feeling that through the decrease in sales and the price of in-gaming items went down. But the interesting thing about this is that the gaming sectors managed to sustain themselves during these critical conditions too, only because of the regular players.

Even though the crypto market trend is bearish and investments in other sectors of the space were lowering, gaming space was getting a tremendous amount of investments from various entities that include:

• Solana Ventures - $100 Millions

• Immutable - $500 Millions

• Animoca Brands - $75 Million

These are the largest investments and funds related to blockchain gaming which contributed to a total of $2.5 Billion worth of investments in the gaming sector in the first quarter of 2022. Even though the NFT sales were suffering from the bear market, total sales of gaming NFTs increased by 19% (year to year).

Conclusion

Though the Blockchain Gaming sector is in its early phases still it has managed to retain its users even in critical situations where the entire crypto market was falling. But yes there are a lot of things that gaming projects can offer and apart from the staking and lending features gaming games can be more and more attractive to keep users playing. And it is possible that we will see many innovative approaches toward gaming in upcoming years with the help of investments from various entities.

Are you a gaming person and which is your favorite blockchain game? and what more features in the industry would you like to see in the upcoming days? Comment your answers!

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