web3 gaming The industry is one of the few sectors that appears to be unaffected by current crypto market conditions, with capital continuing to pool in the sector – and some industry players say this is for good reason.
“The current market environment is funny,” Animoca Brands CEO Robbie Yung told Meczyki.Net. “There’s a tendency for people to associate crypto markets with blockchain games and content, but it’s really appropriate as linking tech stocks on Nasdaq with tech companies’ businesses. There’s a certain correlation, but it’s weak.”
While the crypto industry broke free over the past few months, Web3 games remained fairly stable. According to DappRadar x BGA Games, in May, more than 1.15 million daily unique active wallets interacted with blockchain games, a decrease of only 5% compared to the previous month. report good,
Yung said the number of active users “has nothing to do with the market.” “You could argue that it is countercyclical because as we see in entertainment products, there is more consumption when the economy is not so good because people will look for entertainment,” he said.
While the future of the industry was in question amid the 2018 bear market, there has been tremendous validation and progress since then, Yung said. “The rest of the year will certainly be challenging, but I am optimistic about the first quarter of next year.”