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GameFi and Metaverse hardly affected by Terra

 


Blockchain gaming and the Metaverse managed to avoid Terra's "Lehman-like" collapse in May. However, the DeFi and non-fungible tokens (NFTs) sectors have not been as lucky as one report suggests.


A report by data aggregator DappRadar on Friday said Terra's collapse in May was similar in scale to the 2008 subprime crisis . This left DeFi, NFTs and firms like Three Arrows Capital (3AC), Celsius and Voyager bearing the brunt of Terra's collapse :


“It is becoming clear that the situation surrounding Terra was a Lehman Brothers-like event that sent shock waves across the entire crypto industry. There are also aftershocks that will affect us for many months to come.”

However, DappRadar also stated that blockchain gaming and metaverse projects have seen either minimal declines or even positive growth over the same period.


Brave the storm

The report compares various indicators to show how the Terra collapse impacted the development of various crypto sectors in the first two quarters of this year.


An important indicator in this report is the number of transactions, which is the total number of completed transactions, which basically shows how active users are. DeFi and NFT saw the biggest falls, down 14.8 percent and 12.2 percent, respectively, while blockchain gaming and NFT-related Metaverse projects "evaded the ensuing bear market" with gains of 9.51 percent and 27 percent, respectively.


The report also noted that the average activity of unique active wallets (UAWs) in the NFT space fell 24 percent in the second quarter. Blockchain gaming has seen a drop of just 7 percent, suggesting users are still engaging with gaming DApps. And "more or less to the same extent as before the Terra incident".


Trading volume for Metaverse-related NFT projects has been described as a "ray of hope" as volume is up 97 percent since Q2, even as the NFT sector as a whole saw a 32.66 percent decline in Q2.


In another July DappRadar report , the company explained that blockchain gaming has held up better than other crypto sectors over the last quarter due to the non-speculative aspects of games.


"This positive development shows that engagement related to virtual worlds does not depend on their profitability for the end-user. This shows that virtual worlds are fun for end-users as communities remain active despite the devaluation of native tokens," as stated in the report says.


DappRadar also said there is continued institutional investment in blockchain gaming and the Metaverse. This underscores that many top companies see potential for strong economic growth in both sectors.


The report further emphasized that the level of investments in blockchain gaming and Metaverse projects remained steady in the second quarter despite the Terra collapse:


"Despite the financial setbacks and reduced confidence in the industry, investors remain optimistic as the number of investments in blockchain games and Metaverse projects has remained constant compared to the previous quarter. In the first and second quarters, it was 2.5 billion invested dollars."

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