The crypto market continues to experience volatility in Bitcoin and other cryptocurrency prices, making January 2022 a difficult month for investors. Many blame the recent Federal intentions to increase rates and the political turmoil in Kazakhstan for the decline in the bitcoin hash rate. The price of Bitcoin fell below $42,000 on Jan. 14 as traders remained hopeful for bullish signals.
NFT trading and Blockchain games, on the other side, seem to have held firm against the drop. DappRadar reports that NFT transactions have continued to rise despite falling crypto prices. According to the report, “the number UAW connected Ethereum NFT dapps grew 43% since Q3 2020.” The report also shows that NFT trading generated $11.9 billion between Q3 2021 and Q3 2021. This growth may also be due to recent developments in NFT, such as the Launch of the LooksRare Marketplace.
According to the report, “blockchain games are still widely used” and that 52% of industry usage is “representative of their use.” This has strengthened the case that blockchain games will continue to grow through 2022.
China’s growing interest in NFTs, blockchain gaming and cryptocurrency can partly be attributed to Chinese audiences. This coincides with recent announcements by China that it will develop its own non-crypto NFT market. DappRadar’s data shows that China is now the country with a large user base, increasing 166% over November’s numbers.
The United States now ranks second in overall traffic but the country saw 175,000 new users to the NFT ecosystem. This is a 38% increase. This is partly due to the increasing interest among younger audiences, as millennials (and generation Z) start to account for a larger percentage of traffic.
DappRadar reported that 30% of its traffic was from this age group… with millennials growing from the 36% seen last year.
Eileen Wilson –Technology and Energy
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