The crypto winter has not hurt at least one industry niche.
The cryptocurrency market is facing one of its worst crypto winters, marked by soaring digital asset prices and the collapse of major crypto companies, as well as high cases of hacking and theft. Nevertheless, a recent report from the blockchain data and research company DappRadar shows that the company may not be in such a bad situation, because it has shown remarkable stability and maturity. In the middle of crypto winter.
According to the 2022 industry report by DappRadar, the use of decentralized applications (dApps) has increased despite the turbulent market conditions.
The dApp industry saw a 50% annual increase in its daily unique wallets (dUAWs), from 1.58 million in 2021 to 2.37 million in 2022. This growth can be attributed to the acceptance of consumers and businesses, as well as increased interest from investors.
Blockchain and NFT Games Drive Dapp Market Growth
Blockchain gaming services, especially the GameFi sector, have played an important role in the dApp industry this year. GameFi accounts for 49% of all dApp activity, accounting for 1.15 million dUAWs per day and 7.4 billion transactions. The non-fungible token (NFT) market also contributed to the growth of the dApp industry, with a 33% increase in daily dUAW and an 876% increase in unique NFT customers.
However, while the number of unique NFT customers increased significantly, the volume of sales increased by 0.41% compared to last year. NFT sales have increased, rising 10.6% to $68.35 million, although another report suggested nearly 60% of NFT business volume this year was fake.
Crypto DeFi Shows Resilience Despite TVL Fall of 73%
The DeFi (DeFi) sector faces a challenge in 2022, losing more than 73% of the value locked. Despite this, the market saw a 2% increase in daily dUAW, reaching 652,970.
This may not sound significant, but DappRadar says that this is a huge success for the DeFi sector after the collapse of Terra Luna, which was the second largest DeFi ecosystem at the time . The report concludes by acknowledging that the bear market has created an opportunity for the company to learn from its mistakes and focus on sustainable operations while preparing for the upcoming bull season.
It also demonstrates the stability and maturity of the company as it continues to grow despite tough market conditions.