Despite the recent market slump, NFT sales and blockchain gaming continue to grow: Report

According to DappRadar, NFTs have seen a brighter future in volatility thanks to Gen Z and the growing interest in Asia, according to a report.
The crypto market continues to be difficult for investors in January 2022, with volatile fluctuations in the price Bitcoin and other cryptocurrencies. Some blame the slump on recent federal intentions to increase rates and the political turmoil in Kazakhstan, which has significantly reduced the hash rate for bitcoin. The price of Bitcoin fell below $42,000 on Jan. 14 as traders remained hopeful for bullish signals. NFT trading and blockchain games, however, seem to have resisted this dip. DappRadar reports that NFT transactions have continued to rise despite falling crypto prices. According to the report, “the number UAW connected to Ethereum NFT apps grew by 43%” and that NFT trading generated $11.9 billion in the first ten day of 2022. Recent developments in NFT space, such as the launch the LooksRare market, may have contributed to this growth. According to the report, “blockchain games are still widely used” and that 52% of the industry’s use is “representative of their usage.” The growing success of the “play-to-earn” model and expanding metaverse developments have also bolstered the case for blockchain gaming to continue growing through 2022. China’s recent announcements that it will develop its own non-crypto NFT market can partly explain the growing interest in NFTs during the market slump. DappRadar’s report states that China is now the country with most users…increasing 166% over the November numbers. However, the country still saw 175,000 additional users in the NFT ecosystem. This is a growth of approximately 38%. This is due to the increasing interest among younger audiences, as millennials (and generation Z) account for a greater percentage of traffic. DappRadar reported that 30% of its traffic was from this age group… [with millennials] increasing from the 36% seen last year.”

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