NFTs are a kind of digital asset that exist on the blockchain and they can be used in games. This year, both traditional gaming platforms and new businesses using NFTs have seen growth. Experts say this is because there is more demand for them now than ever before due to mass adoption by game developers as well as increasing investment from venture capitalists.
The “cointelegraph nft report” is a post that discusses the recent market slump. The article also gives insight on how the NFT sales and blockchain games continue to grow despite this.
Given the erratic price changes of Bitcoin and other cryptocurrencies on the present market, January 2022 will likely be difficult for cryptocurrency investors. Some have ascribed the downturn to the federal government’s recent plans to increase interest rates as well as the political unrest in Kazakhstan, which drastically reduced bitcoin’s hash rate. Bitcoin’s price fell below $42,000 on January 14 as traders held out hope for optimistic indications.
On the other hand, NFT trading and blockchain gaming seem to have defied the decline. DappRadar statistics indicate that NFT transactions increased despite falling crypto prices. According to the research, since Q3 2021, “the number of UAW linked to Ethereum NFT dapps climbed by 43%.” According to data from the study, NFT trading produced $11.9 billion in the first ten days of 2022 compared to $10.7 billion in Q3 2021. It’s possible that recent NFT innovations like the opening of the LooksRare marketplace have also contributed to this expansion.
Blockchain games “represent 52 percent of the industry’s utilization,” the survey found, adding that they “continue to be extensively utilized.” The argument for blockchain games to keep expanding throughout 2022 has been enhanced by expanding metaverse technologies and the expanding popularity of the play-to-earn model.
Chinese audiences have shown an increasing interest in NFTs and blockchain games during this market downturn, which is consistent with recent claims from China that the nation would start building its own non-crypto NFT business. China currently has the largest user base, jumping 166 percent from the numbers recorded in November, according to DappRadar’s study.
Despite being in second place in terms of total traffic, the US added 175,000 new members, or almost 38% more people, to the NFT ecosystem. This is partly a result of the increased interest among younger audiences as generation Z and millennials begin to make up a larger portion of traffic.
According to DappRadar, “users in this age bracket made up 30 percent of its traffic, [with millennials] increasing from the 36 percent saw from previous year.”
The “new nft marketplace” is a new platform that allows users to buy and sell NFTs. The report found that the market for blockchain games continues to grow despite the recent market slump.
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