With blockchain gaming accounting for 48% of all blockchain activity, the gaming sector in the cryptocurrency realm is thriving. Contrarily, the last quarter of 2022 saw the most significant fall in the metaverse.
However, the crypto gaming business received an inadequate response throughout July, August, and September. All six top gaming protocols performed below expectations compared to their second-quarter performance.
The cryptocurrency community has had several surprises over the last two quarters, particularly the third quarter being the most volatile. The consequences of the same were seen in cryptocurrency projects in a variety of forms, with blockchain games registering a marked preference from users and investors.
Only Solana registered an increase, according to DappRadar’s analysis of the Unique Active Wallets (UAW), which had declines ranging from 2% to 42%. Even though Solana only accounted for 4.82% of all gaming activity, UAW increased by 269% overall.
According to the research, land sales fell by 37.54% during the third quarter, resulting in a 91.61% decline in the trading volume of virtual world projects. Trading volume has never exceeded $200 million, with the exception of May, and gradually decreased to about $6.6 million in Q3.
Furthermore, market turbulence negatively impacted funding in blockchain gaming and Metaverse ventures. Only $1.3 billion was raised in the third quarter, which is still the lowest amount this year. Nevertheless, with $7 billion raised in just nine months, the year is anticipated to end with a total of $9.25 billion, assuming forecasts from the fourth quarter come to pass.
On the other hand, the recently approved tax-collecting policy of the European Parliament calls for the use of blockchains. The European Parliament recommended using blockchain as a crucial and effective technology to establish a more transparent and effective tax collection system. This would greatly expand the application of blockchain technology.