The web3 game The industry is one of the few sectors seemingly unaffected by current crypto market conditions, with capital continuing to pile up in the space – and some industry players say it’s for a good raison.
“The current market environment is fun,” Robby Yung, CEO of Animoca Brands, told TechCrunch. “People tend to pair crypto markets with games and blockchain content, but really, that’s as appropriate as tying Nasdaq tech stocks to tech company companies. There’s a certain correlation, but it is tenuous.
While the crypto industry has been in freefall for the past few months, web3 games have remained fairly stable. In May, more than 1.15 million daily unique active wallets interacted with blockchain games, down just 5% from the previous month, according to a DappRadar x BGA Games report.
The number of active users “has nothing to do with the market,” Yung said. “You can say it’s countercyclical because like we see in entertainment products, there’s usually more consumption when the economy isn’t so good because people are looking for entertainment,” he said. -he adds.
While the industry’s future 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 difficult, but I am optimistic for the first quarter of next year.”