DappRadar: Sales of NFTs and blockchain games on the rise, despite the recent market crash
Generation Z and increased interest in Asia among the growth drivers of the NFT and gaming on blockchain market, despite recent crypto market corrections
• The beginning of 2022 continues to be quite a hectic time for crypto investors, given the turbulent fluctuations in Bitcoin (BTC) and other cryptocurrencies. Some attribute the collapse to recent US Fed statements about introducing new rate hikes and political turmoil in Kazakhstan, which briefly triggered a correction in Bitcoin’s hash rate.
Non-fungible token trading (NFT) and blockchain gaming, on the other hand, seem to have held up to the downfall. According to reports from DappRadar, NFT transactions continued to rise despite the decline in cryptocurrencies. The report states that “the number of UAW connected to NFT DApps on Ethereum has grown by 43% since Q3 2021.” The money generated by NFT trading also increased, from $ 10.7 billion in Q3 2021 to $ 11.9 billion in the first ten days of 2022. Recent developments in the NFT industry, such as the launch of the LooksRare marketplace, could have contributed to this growth.
The report also states that “blockchain games continue to be widely used”, highlighting how “they represent 52% of the industry’s use”. Developments in the metaverse, coupled with the growing success of the play-to-earn model, further strengthen the potential of projects throughout 2022.
The growing interest in blockchain gaming and NFTs during this market crash could be partially attributed to the Chinese public: recently, the Asian country announced that it will start developing its own non-crypto NFT industry. According to the DappRadar report, “China is now the country with the largest user base, it has grown 166% since November”.
Although the United States ranks second in terms of overall traffic, the country has 175,000 new users in the NFT ecosystem: an increase of about 38%. This figure comes in part from growing interest from younger people, as Millennials and Generation Z start to account for a larger percentage of traffic.
DappRadar reports that “30% of traffic comes from users in this age group, with millennials up from 36% last year.”
ARTICLE NFT G