These two emerging cryptocurrency sectors are storming the market
According to blockchain tracker DappRadar, two emerging crypto sectors are braving the current and fast-growing overall crypto market downtrends.
In a new report, DappRadar says the popularity of NFT and blockchain games is being driven, at least in part, by interest from the Asian market.
The company says countries like China, Indonesia and India are exploding in terms of user base, overtaking the US as the epicenter of activity.
China is currently the country with the most users. With more than 204,000 users, they represent a 166% increase compared to November’s registrations. Traffic from Indonesia and India is notable as both countries more than doubled their numbers in the previous month.
“The Asian market continues to expand its presence across the industry. Given the huge interest in blockchain games and the potential for NFTs, the Asia region is definitely one of the places to watch closely.”
NFT Traffic and Blockchain Games December 2021. Source: DappRadar
The report highlights that the two crypto sectors are unlikely to be impacted by the macro factors affecting the rest of the broader market, and instead exist in their own independent ecosystems.
In the third quarter of 2021, NFT generated $10.7 billion in transactions. Through the fourth quarter, NFT reached $11.9 billion in revenue and remains strong through the first ten days of 2022. Despite volatile crypto cycles, NFT maintains its positive trend.
NFT sales on Ethereum vs. ETH price. Source: DappRadar
Not only have NFT sales on Ethereum increased, but the number of UAWs (unique daily active wallets) associated with NFT dapps (collectibles and marketplaces) has also increased. An average of 46,800 UAWs have connected to Ethereum NFT dapps since December, up 43% from Q3.
Source: DappRadar
Over the past year, the market has seen a rapid rise and adoption of blockchain gaming thanks to play-to-earn or metaverse stories. As with NFT, these trends impact users and their behavior. In this case, the positive vibe surrounding the two stories inspires a desire to get into blockchain games.
In the summer of 2021, blockchain games will overtake DeFi for UAW dominance. For most of Q3 and up through the middle of Q4, both categories shared industry-wide usage dominance. However gAmid a negative crypto trend, DeFi usage started falling. Since November, the usage gap between gaming and DeFi has widened and gaming now accounts for 52.4% of industry activity, while DeFi has fallen to 34.7%.
DappRadar predicts that NFT and games will continue to evolve based on new use cases and widespread adoption.
“Both NFT and blockchain gaming are on the rise in 2021 and it looks like this trend will continue. Especially when you consider upcoming project releases and potential use cases for both.
Although the price of cryptocurrencies is volatile, the adoption, volume and usage of blockchain and NFT games has steadily increased. It will be interesting to see the impact of maturation in both areas on the price of the underlying tokens.”
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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These two emerging cryptocurrency sectors are storming the market
According to blockchain tracker DappRadar, two emerging crypto sectors are braving the current and fast-growing overall crypto market downtrends.
In a new report, DappRadar says the popularity of NFT and blockchain games is being driven, at least in part, by interest from the Asian market.
The company says countries like China, Indonesia and India are exploding in terms of user base, overtaking the US as the epicenter of activity.
China is currently the country with the most users. With more than 204,000 users, they represent a 166% increase compared to November’s registrations. Traffic from Indonesia and India is notable as both countries more than doubled their numbers in the previous month.
“The Asian market continues to expand its presence across the industry. Given the huge interest in blockchain games and the potential for NFTs, the Asia region is definitely one of the places to watch closely.”
NFT Traffic and Blockchain Games December 2021. Source: DappRadar
The report highlights that the two crypto sectors are unlikely to be impacted by the macro factors affecting the rest of the broader market, and instead exist in their own independent ecosystems.
In the third quarter of 2021, NFT generated $10.7 billion in transactions. Through the fourth quarter, NFT reached $11.9 billion in revenue and remains strong through the first ten days of 2022. Despite volatile crypto cycles, NFT maintains its positive trend.
NFT sales on Ethereum vs. ETH price. Source: DappRadar
Not only have NFT sales on Ethereum increased, but the number of UAWs (unique daily active wallets) associated with NFT dapps (collectibles and marketplaces) has also increased. An average of 46,800 UAWs have connected to Ethereum NFT dapps since December, up 43% from Q3.
Source: DappRadar
Over the past year, the market has seen a rapid rise and adoption of blockchain gaming thanks to play-to-earn or metaverse stories. As with NFT, these trends impact users and their behavior. In this case, the positive vibe surrounding the two stories inspires a desire to get into blockchain games.
In the summer of 2021, blockchain games will overtake DeFi for UAW dominance. For most of Q3 and up through the middle of Q4, both categories shared industry-wide usage dominance. However gAmid a negative crypto trend, DeFi usage started falling. Since November, the usage gap between gaming and DeFi has widened and gaming now accounts for 52.4% of industry activity, while DeFi has fallen to 34.7%.
DappRadar predicts that NFT and games will continue to evolve based on new use cases and widespread adoption.
“Both NFT and blockchain gaming are on the rise in 2021 and it looks like this trend will continue. Especially when you consider upcoming project releases and potential use cases for both.
Although the price of cryptocurrencies is volatile, the adoption, volume and usage of blockchain and NFT games has steadily increased. It will be interesting to see the impact of maturation in both areas on the price of the underlying tokens.”
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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