Blockchain games unaffected by cryptocurrency as gamers ‘seek entertainment’ – Technewscity

Web3 games industry is one of the few sectors that is apparently not affected by the current crypto market conditions, where capital continues to accumulate in space – and some industry players say it is with good reason.

“The current market environment is fun,” Robby Yung, CEO of Animoca Brands, told Technewscity. “People tend to associate crypto markets with blockchain games and content, but in fact it’s only as appropriate as linking tech stocks on Nasdaq to tech companies’ businesses. There’s some connection, but it’s flimsy.”

While the crypto industry was in free fall over the last few months, web3 games remained fairly stable. In May, over 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 could argue that it is countercyclical because, as we see in entertainment products, there tends to be more consumption when the economy is not so good because people want to seek out entertainment,” he added.

While the future of the industry was in doubt in the midst of the bear market in 2018, there has been tremendous validation and progress since then, Yung said. “The rest of the year will definitely be challenging, but I’m optimistic for the first quarter of next year.”