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NFT gaming has been garnering quite a lot of attention in the recent past. With crypto going beyond just Bitcoin and altcoins, the space in itself has grown into a larger system of Metaverse, and more. NFTs are no longer just another artwork on the internet, but an essential for investors, especially with gaming projects taking the center stage.

DeFi Going Big, NFT Gaming Takes Center Stage

As per DappRadar Q1 industry report , “The DeFi space shows signs of maturity. The complete DeFi industry holds $214 billion in TVL albeit an 8% decrease from the close of 2021.” Likewise, NFT generated $12 billion in trades while the number of sales and unique traders is on the rise; the NFT activity in blockchains outside Ethereum is ramping up.

DeFi space is getting bigger each day with an entire universe of NFT and more slowly taking roots, and of course, the Metaverse market expanding along with NFT gaming.

Dapps have shown a registration of over 2.38 million daily unique active wallets throughout Q1, and the the total value locked in DeFi has maintained its pace throughout all the fluctuations seen during the period.

NFT Gaming FTW

Point to note, NFTs have been the biggest gainer among all with a trade of over $12 billion generated. The credit goes to adoption of NFT’s outside of Ethereum. Q1 2022 has also been pretty favorable for blockchain & NFT gaming projects. They managed a raise over $2.5 billion from Venture Capitalists, and grabbed investors’ attention all the same.

Hacks & Attack Yet The Growth

NFT Gaming Hack Ranks High; Courtesy: DappRadar
Courtesy: DappRadar

However, a dipping point among it all has been the NFT gaming Axie Infinity’s Ronin Hack earlier this year which grew into one of the biggest crypto attack with a theft of over $615 million. Another major exploit was the Wormhole that led to losing a whopping $326 million!

Nonetheless, DeFi found its roots back and grew despite such massive hack attacks. The GameFi space, with a current valuation of above $28 billion, garnered attention and more from investors and alike. NFT Gaming platforms like The Sandbox and Decentraland gave the entire growth a massive nudge.

For more NFT gaming updates, follow Galaxy Guild.

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