GameFi and Metaverse are least affected by the collapse of the Terra ecosystem

GameFi and Metaverse are least affected by the collapse of the Terra ecosystem

While the blockchain gaming and metaverse industries managed to survive the “Lehman Brothers-like” crash triggered by Terra in May, the decentralized finance (DeFi) and NFT industries have not been so lucky, according to a report.

According to a report released Friday by decentralized application (DApp) data provider DAppRadar, the collapse of the Terra blockchain network was similar in scale to the high-risk mortgage crisis of 2008, with the collapse of DeFi, NFT and the ecosystem of companies like Three Arrows Capital (3AC), Celsius and Voyager. It caused him to deal with:

“It is becoming increasingly clear that the Terra destruction is a Lehman Brothers-like event that sent shock waves across the entire crypto industry and aftershocks will affect us for months.”

However, DappRadar reports that blockchain game and metaverse projects are either little or not affected by the situation and even growing.

survive the storm

The report uses different indicators to show how Terra’s collapse (mid-second quarter) impacted the performance of different sectors of the crypto space in the first two quarters of the year.

A key indicator that measures the number of transactions, or the total number of completed transactions, basically looks at user engagement. DeFi showed the biggest declines with 14.8 percent and NFT with 12.2 percent. The two sectors that managed to get out of the bear market showed growth in the same period. The indicator in question indicates an increase of 9.51% for GameFi and 27% for NFT-related metaverse projects.

The average activity indicator of uniquely active wallets shows a massive 24 percent drop in NFTs in the second quarter of the year, while in the blockchain playground, it was only 7 percent. In other words, users had a more or less similar interaction with their game DApps before the Terra event.

Metaverse-related NFT projects posted an incredible 97 percent volume growth in the second quarter. The NFT sector, on the other hand, experienced a volume decline of 32.66 percent in the same period.

According to DappRadar, organizations are also constantly investing in the blockchain gaming and metaverse industries. Many leading companies see strong economic growth potential in the two sectors, according to the report.

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