2022 was a challenging year for the overall blockchain space, with the decentralized finance (DeFi) industry particularly affected due to the delinking of TerraUSD (UST) from Terra and the resulting cryptocurrency market crash. However, meanwhile, blockchain games continued to make headlines and had consistent performance thanks to their innovative business model.
Blockchain games are an innovation in the video game genre that allows players to convert points into real money and rewards players for the time they spend playing. Unlike traditional games, blockchain games are based on decentralized technology, meaning they do not rely on a single central entity to function. This allows players to have complete control over their virtual assets and contributes to the creation of a fairer and more transparent ecosystem.
Additionally, blockchain games have gained great popularity in developing countries, where lack of access to traditional financial services makes it difficult for people to gain economic benefits through traditional games. Blockchain games offer an opportunity for these people to earn income through selling their virtual assets and contribute to the creation of a more inclusive economy.
The year-end report from DappRadar for 2022 paints an exciting picture for the blockchain gaming space. According to the report, the blockchain gaming space has more than double the number of active unique wallets than DeFi, suggesting consistent growth and increased adoption of this technology. Additionally, the innovative business model of blockchain games is one of the reasons for its consistent performance over the years.
In conclusion, the blockchain gaming space has proven to be a resilient industry with a solid business model. As blockchain technology continues to evolve, we are likely to see increased mass adoption of blockchain games and growth in their popularity in the future. Blockchain games offer an opportunity to include economically vulnerable people in the world of cryptocurrency and improve financial inclusion, which in turn can have a positive impact on the overall economy.
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The future of gaming is on the blockchain, I have no doubts
Thanks for the post. I also think it is the future. I am blockchaingaming myself and see how crypto can be used to reward gamers.