January 2022 continues to be difficult for crypto investors as today’s markets experience turbulent swings in the price of Bitcoin and other cryptocurrencies. Some attributed the drop to recent federal intentions to introduce further rate hikes and political unrest in Kazakhstan that drastically reduced bitcoin’s hash rate. On January 14, the price of Bitcoin fell below $ 42,000 as traders continued to hope for bullish signals.
NFT trading and blockchain games, on the other hand, seem to have resisted the decline. According to reports from DappRadar, NFT transactions have continued to surge amid declining crypto prices. The report states that “the number of UAWs connected to Ethereum NFT dapps has increased by 43% since the third quarter of 2021”. Figures in the report also show that the money generated from NFT trading increased from $ 10.7 billion in the third quarter of 2021 to $ 11.9 billion in the first ten days of 2022. Recent developments in the NFT space such as the launch of the LooksRare market may also have contributed to this growth.
The report also states that “blockchain games continue to be widely used” and notes that they “account for 52% of industry usage.” The expansion of metaverse developments alongside the growing success of the play-to-earn model has also strengthened the case for the continued growth of blockchain games throughout 2022.
The growing interest in NFTs and blockchain games during this market crisis can be partly attributed to the Chinese public, which coincides with recent announcements from China that indicate the country will begin to develop its own NFT industry. not crypto. According to the DappRadar report, “China is now the country with the most extensive user base … increasing 166% from figures recorded in November.”
Even though the United States is now second in terms of overall traffic, the country still registered 175,000 new users in the NFT ecosystem, a growth of about 38%. Part of that comes from growing interest from younger audiences as Millennials and Gen Z begin to account for a higher percentage of traffic.
DappRadar reported that “30% of its traffic came from users in this age bracket… [with millennials] up from the 36% observed last year. “