- DappRadar’s Q3 report highlighted a 91.61% decrease in the trading volume of virtual world projects.
- Still, the gaming industry accounted for 48% of all blockchain activity.
- Beyond gaming, blockchains are also observing demand as the European Parliament recently approved their use for tax collection.
The last 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 were observed on crypto projects in multiple ways, wherein blockchain games noted a significant preference from users and investors.
Q3 for the virtual world
Overall, the months of July, August and September noted a generally negative reception in the crypto gaming industry. The top six gaming protocols were all faring below the mark in comparison to their performance in the second quarter.
According to DappRadar’s report, the Unique Active Wallets (UAW) observed a decline ranging from 2% to 42%, with only Solana registering growth. Despite being home to only 4.82% of gaming activity, Solana marked a 269% increase in UAW.
Gaming protocols by UAW
Regardless, the gaming industry in the crypto space is holding its ground, with 48% of all blockchain activity accounting for blockchain gaming. Metaverse, on the other hand, has registered its highest decline in 2022 in the last quarter.
The report shows that the trading volume of virtual world projects has decreased by 91.61% in the third quarter, with land sales falling by 37.54%. Except for the month of May, trading volume has always been under $200 million, gradually declining to approximately $6.6 million in Q3.
Metaverse projects’ trading volume and sales
Additionally, the market volatility also took a toll on investments in blockchain gaming and Metaverse projects. The third quarter only noted $1.3 billion being raised, which once again, turned out to be the lowest this year.
Blockchain gaming investment
However, with $7 billion raised in nine months, the year is expected to end with a total figure of $9.25 billion, provided estimations from the fourth quarter turn into a reality.
EP employs blockchains
The blockchain industry is also gaining the interest of the non-gaming niche. As reported by FXStreet earlier last week, the European Parliament has called for the usage of blockchains in their newly 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, furthering the industry itself.