The cryptocurrency market is facing one of the most brutal crypto winters, marked by high-profile cases of hacking and robberies, along with the continued decline in digital asset prices and the collapse of major crypto companies. However, despite all this, the use of decentralized applications has increased rapidly.
A recent report from blockchain data and analytics firm DappRadar suggests that the industry may not be in such a bleak state as it shows remarkable resilience and maturity in the midst of the crypto winter.
Blockchain Games and NFTs Become dApp Helpers in Crypto Winter
According to DappRadar’s 2022 Industry Report, the use of decentralized applications (dApps) has grown rapidly despite declining market conditions. The dApp industry saw a 50 percent increase in its unique daily active wallets (dUAW) from 1.58 million in 2021 to 2.37 million in 2022.
Blockchain gaming projects, especially the GameFi sector, have played an important role in the dApp industry this year. GameFi accounted for 49 percent of all dApp activity, with an average of 1.15 million dUAWs and 7.4 billion transactions per day. The NFT market has also contributed to the growth of the dApp industry, with a 33 percent increase in daily dUAW and an 876 percent jump in NFT investors.