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Blockchain games are doing great despite the failure of FTX

FTX 2

TL;DR Breakdown

  • In November, despite the FTX collapse, blockchain gaming activity had an average of 800,875 daily unique active wallets
  • Solana takes the biggest hit on its activity reaching an average of 2,326 daily unique active wallets
  • The gaming industry constitutes the most significant part of the industry, making up 42.67% of all blockchain activity.

FTX’s collapse has shocked the crypto world and taken billions of dollars from the market. Alongside the LUNA collapse and some crypto hacks, this year has been the worst year for crypto investors, and every trader, investor, and the crypto-related company is somewhat badly impacted this year. However, one sector stands apart from the rest and that is blockchain gaming.

Ever since its arrival on the big stage, the gaming industry is moving in an upward direction and its active users are increasing day by day. In September 2022, out of total blockchain activity, 45% belonged to the blockchain gaming industry. It had 911,720 daily unique active wallets in September. In October there was not any change in the daily unique active wallets and it remains the same. However, November was not the same.

November and Gaming

On 6th November Coindest’s report about FTX and Alameda’s balance sheet shocked the crypto world and within a few days, FTX filed for bankruptcy. This impacted the whole crypto market and so as the gaming industry. In November, the average daily unique active wallets (dUAW) decreased to 800,875. This is a decrease of 12% but it still constitutes the most significant part of the industry, making up 42.67% of all blockchain activity.

Blockchain games are doing great despite the failure of FTX 1

Nevertheless, keeping the crypto situation in mind, this is not a big decrease in the dUAW showing the resilience of gaming activity in the crypto world.  

Top gaming protocols

Though there are hundreds of different gaming protocols, six gaming protocols are dominating the gaming industry.

WAX gaming protocol

Among them, the WAX is a rare gaming protocol that saw an increase in the number of dUAW in the past three months. In October it had an average of 329,529 daily unique active wallets which is an increase of 8.85% than September. Additionally, the gaming dapp saw an increase of 4.48% in November despite the FTX crash. In November, its dUAW was 344,284.

Hive gaming protocol

In October it had an average of 169,655 dUAW which increased by 4.94%. However, it saw a decline of 7.83% in November reaching 156,369 dUAW. The activity was the same as of July 2022.

BNB

BNB is hit harder by November it saw a decline of 35% in activity and its user fell from an average of 171,269 dUAW to an average of 111,188 dUAW. Just a month ago, In October, BNB was the second most popular gaming protocol after it surpassed the Hive gaming protocol

Polygon

It is one of those gaming protocols whose activity was in the downtrend even before the arrival of the FTX collapse. Its active users were decreasing since September and in October, its unique active wallets decreased by 4.33% to on average, 82,002 dUAW) while in November, it decreased by 8.8% to on average, 74,786 dUAW.

EOS

Similarly, EOS activity is also in a downtrend since September. It dropped by 13% in October while in November its unique active wallets decreased by 16.57%.

Solana

If one gaming protocol is hit harder by FTX collapse than the rest, that is Solana. It saw a decline of 44.69% of unique active wallets in October and it reaches 21,979 daily unique active wallets. While in November the decline was sharper and the activity decreased by 89.42% (on average, 2,326 dUAW). This is the lowest number we’ve ever registered for dUAW.

gaming protocol
gaming protocol

Final thoughts

It is thought that blockchain technology will remain robust despite the failure of FTX, as it lies at the core of other innovative projects that are expected to change our financial system and gaming economy. Technology didn’t flinch, allowing users to store and send assets. The collapse of Alameda and the FTX centralized exchange may not be of interest to those entering the crypto space through gaming or NFT channels.

Haseeb Shaheen

Haseeb Shaheen

As a Web Researcher and Internet Marketer, Haseeb Shaheen delivers relevant valuable content for audiences. He focuses on financial and crypto market analysis, as well as technology-related areas that help people change their lives.

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