Blockchain-based games see an uptick in users despite bear market conditions

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, Blockchain-based games see an uptick in users despite bear market conditions

Bear markets are always tough, but one of the positives is they clear the clutter and this allows legitimate projects to stand out. 

While most investors are focused on the latest centralized finance (CeFi) and decentralized finances (DeFi) scandal, the blockchain gaming sector has quietly weathered the storm better than other niches of the market.

Total number of unique active wallets interacting with smart contracts. Source: DappRadar

As shown on the chart above, all sectors of the market have experienced a noticeable decline in active users, but the gaming sector has proven to be the most resilient at retaining users as the bear market intensified.

Transactions continue to rise

Further proof of the continued engagement by gamers can be found by looking at the number of transactions occurring in the top sectors of the market.

, Blockchain-based games see an uptick in users despite bear market conditions
Total number of transactions sent to smart contracts. Source: DappRadar

With a current count of 173.17 million, the number of gaming-related transactions is significantly higher than any other sector of the market, with the second closest sector being decentralized finance with 8.86 million.

As for which protocols contribute the most to the transaction count, WAX, Hive, BNB Smart Chain (BSC), Solana (SOL) and Ronin are the most active, led by WAX with a current transaction count of 158.23 million.

, Blockchain-based games see an uptick in users despite bear market conditions
Total number of transactions per protocol. Source: DappRadar

While the total value transacted remains dominated by exchanges, a growing number of users currently active in the crypto ecosystem can be found in the gaming sector.

WAX and BSC attract new users

Data shows that users are specifically drawn to WAX and Binance Smart Chain, which saw 2.94 million and 2.49 million users.

, Blockchain-based games see an uptick in users despite bear market conditions
Total number of unique users per protocol. Source: DappRadar

Alien Worlds on WAX and BNB Chain currently holds the top spot with 196,700 users, followed by Splinterlands with 147,820 active users. It’s also worth noting that the top three games in terms of active users operate on WAX.

, Blockchain-based games see an uptick in users despite bear market conditions
Top 6 games by the number of active users. Source: DappRadar

While it has fallen far down the list, Axie Infinity (AXS) has consistently been one of the most active games for the past year and a leader in terms of the value transacted.

Related: Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’

Despite the sharp correction in blockchain gaming-related altcoins, gaming has proven to be one of the more resilient sectors in terms of retaining active users.

This fact, combined with the rising popularity of the gaming industry, suggests that it’s one sector that has the potential to lead the way into the next bull market.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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