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Blockchain gaming and the declining interest in NFTs

The NFT market downturn is also affecting the blockchain gaming sector.

By Finst News
• 3 min read
Blockchain gaming and the declining interest in NFTs

The downturn in the NFT market is also affecting the blockchain gaming sector.

The on-chain analysts at Nansen have published a Q2 report. In this report they write that the gaming NFTs have fallen by about 60 percent compared to the start of the year. The number of visitors and participants has actually been inching up recently.

Despite the rising number of visitors, there is still a "risk-off" sentiment in the NFT market. The limited liquidity in the NFT market suggests that the upside trend may not continue," according to Nansen.

The Q2 report from DappRadar also shows a significant decline. Overall, the NFT gaming sector was less affected by the market situation than other NFT applications, according to DappRadar.

"This quarter, NFT trading volume fell by 82 percent and the number of sales fell by 51 percent. In an unprecedented development, year-over-year volume also declined significantly by 75 percent," according to DappRadar. Despite a drop in organic NFT sales, NFT profits in the gaming sector rose 19% versus a year ago.

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