GameFi and Metaverse least affected by Terra debacle
In a report from DappRadar, the collapse of Terra in May was similar in scale to the 2008 subprime mortgage crisis — causing DeFi, NFTs and firms such as Three Arrows Capital (3AC), Celsius and Voyager to cop the brunt of Terra’s destruction.
Blockchain games and NFT-related Metaverse projects “managed to sidestep the ensuing bear market” by posting transaction count increases of 9.5% and 27%, respectively in Q2. The number of investments into blockchain games and metaverse projects has remained constant quarter-over-quarter, with $2.5 billion invested in both Q1 and Q2.