NFT sales and blockchain games continue to grow despite the recent market slump: Report

January 2022 continues to beryllium unsmooth for crypto investors arsenic existent markets spot turbulent fluctuations successful the terms of Bitcoin and different cryptocurrencies. Some person attributed the slump to caller federal intentions to present caller complaint hikes, and the political turmoil successful Kazakhstan which importantly lowered the hash complaint of bitcoin. On Jan. 14, the terms of Bitcoin dipped beneath $42,000 arsenic traders continued to clasp retired anticipation for bullish signals. 

NFT trading and blockchain games connected the different manus look to person resisted the dip. According to reports from DappRadar, NFT transactions continued to summation amidst declining crypto prices. The study stated that “the fig of UAW connected to Ethereum NFT dapps grew by 43% since Q3 2021.” Numbers from the study besides amusement that the wealth generated by NFT trading went from $10.7 cardinal successful Q3 2021 to $11.9 cardinal successful the archetypal 10 days of 2022. Recent developments successful the NFT abstraction specified arsenic the launch of the LooksRare marketplace may person besides contributed to this growth.

The study besides stated that “blockchain games proceed to beryllium wide used”, and noted that they “represent 52% of the industry’s usage.” Expanding metaverse developments alongside the increasing occurrence of the play-to-earn exemplary person besides strengthened the lawsuit for blockchain games to proceed increasing passim 2022.

The increasing involvement successful NFTs and blockchain gaming during this marketplace slump tin partially beryllium attributed to Chinese audiences, which coincides with the caller announcements from China that accidental that the state volition statesman processing its ain non-crypto NFT industry. According to DappRadar’s report, “China is present the state with the astir extended idiosyncratic base…increasing 166% from the numbers registered successful November.”

Even though the United States is present 2nd successful presumption of wide traffic, the state inactive saw 175,000 caller users successful the NFT ecosystem, a maturation of astir 38%. This comes successful portion from the increasing interests among younger audiences arsenic millennials and procreation Z commencement to relationship for a higher percent of traffic.

DappRadar reported that “30% of its postulation came from users from this property group… [with millennials] increasing from the 36% observed from past year.”