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

January
2022
continues
to
be
rough
for
crypto
investors
as
current
markets
see

turbulent
fluctuations
in
the
price
of
Bitcoin
 (BTC) and
other
cryptocurrencies.
Some
have
attributed
the
slump
to
recent

federal
intentions
to
introduce
new
rate
hikes
,
and
the

political
turmoil
in
Kazakhstan
, which
significantly
lowered
the
hash
rate
of
Bitcoin.
On
Jan.
14,
the
price
of

Bitcoin
dipped
below
$42,000

as
traders
continued
to
hold
out
hope
for
bullish
signals. 

Nonfungible
token
(NFT)
trading
and
blockchain
games,
on
the
other
hand,
seem
to
have
resisted
the
dip.

According

to
reports
from
DappRadar,
NFT
transactions
continued
to
increase
amid
declining
crypto
prices.
The
report
stated
that
“the
number
of
UAW
connected
to
Ethereum
NFT
DApps
grew
by
43%
since
Q3
2021.”
Numbers
from
the
report
also
show
that
the
money
generated
by
NFT
trading
went
from
$10.7
billion
in
Q3
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
marketplace
, may
have
also
contributed
to
this
growth.

The
report
also
stated
that
“blockchain
games
continue
to
be
widely
used,”
and
noted
that
they
“represent
52%
of
the
industry’s
usage.”
Expanding
metaverse
developments
alongside
the
growing
success
of
the
play-to-earn
model
have
also
strengthened
the
case
for

blockchain
games
to
continue
growing
throughout
2022
.

The
growing
interest
in
NFTs
and
blockchain
gaming
during
this
market
slump
can
partially
be
attributed
to
Chinese
audiences,
which
coincides
with
the
recent
announcements
from
China
that
say
that
the
country
will
begin
developing
its
own

non-crypto
NFT
industry.

According
to
DappRadar’s
report,
“China
is
now
the
country
with
the
most
extensive
user
base…increasing
166%
from
the
numbers
registered
in
November.”

Even
though
the
United
States
is
now
second
in
terms
of
overall
traffic,
the
country
still
saw
175,000
new
users
in
the
NFT
ecosystem,
a
growth
of
around
38%.
This
comes
in
part
from
the
growing
interests
among
younger
audiences
as
Millennials
and
Generation
Z
start
to
account
for
a
higher
percentage
of
traffic.

DappRadar
reported
that
“30%
of
its
traffic
came
from
users
from
this
age
group…
[with
millennials]
growing
from
the
36%
observed
from
last
year.”

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