The Sandbox, Axie Infinity, and Decentraland were the most prominent players in the crypto gaming and NFT industry at their peak. However, recent data from DappRadar shows that the network has only 2.85k Unique Active Wallets (UAW) interacting with its platform in the past 30 days. The total number of transactions jumped by 28%, but the overall volume decreased by 15.5% to $2.26 million. The fiat value of coins in the platform also dropped 0.58% to over $23 million.
Decentraland is seeing a similar trend, with 2.28k UAW and 40.24k transactions, while the total volume was only $19 million. One of the main reasons for the decrease in activity could be attributed to many people returning to work, reducing the amount of time to play. Moreover, the plunge in the prices of MANA and SAND (over 80%) from their peak, could have led to investors being discouraged by the weak returns, and the high-interest rates due to the Fed battling inflation has also made riskier assets like Sandbox and Decentraland underperform.
In contrast, Memeinator, a meme coin, is on the rise. It has raised over $695k in the past few weeks and is planning to be listed on key exchanges such as Binance and OKX. The platform aims to combine the aspects of gaming and artificial intelligence to create utility in the ecosystem, and take advantage of the hype surrounding meme coins like Shiba Inu and Dogecoin. There is a high probability that the MMTR token will do well in the next crypto bull run, triggered by Bitcoin ETF, Bitcoin halving, and the Federal Reserve.
It is safe to say that the crypto gaming and NFT industry is in a state of flux, with some platforms declining, while others are on the rise.
