Crypto investors are having a difficult time in January 2022, as the price of Bitcoin and other cryptocurrencies continues to fluctuate wildly. Some have blamed the drop on the Federal Reserve’s recent announcement of additional rate hikes, as well as political unrest in Kazakhstan, which drastically reduced bitcoin’s hash rate. The price of Bitcoin fell below $42,000 on January 14 as traders hoped for bullish signals.
NFT trading and blockchain gaming, on the other hand, appear to have remained unaffected by the downturn. NFT transactions increased despite falling crypto prices, according to reports from DappRadar. The number of UAW linked to Ethereum NFT dapps has increased by 43% during Q3 2021, according to the research. According to the research, NFT trading generated $11.9 billion in the first ten days of 2022, up from $10.7 billion in Q3 2021. Recent advances in the NFT arena, such as the creation of the LooksRare marketplace, could have aided this expansion.
“Blockchain games continue to be widely played,” according to the research, which claims that they “represent 52% of the industry’s utilisation.” The case for blockchain games to continue developing in 2022 has been enhanced by expanding metaverse technologies and the growing success of the play-to-earn model.
China is now the country with the most widespread user base
During this market downturn, Chinese audiences have shown a growing interest in non-crypto NFTs and blockchain games. Which aligns with recent Chinese announcements that the government will begin building its own non-crypto NFT business. “China is now the country with the most widespread user base. Increasing 166% from the numbers registered in November,” according to DappRadar.
The United States is currently ranked second in terms of overall traffic. However, the country added 175,000 new members to the NFT ecosystem, representing a 38% increase. This is due in part to a rise in interest among younger audiences. As millennials and generation Z begin to account for a larger share of traffic.
“Users in this age range” accounted for “30% of its traffic,” according to DappRadar, “up from 36% last year”.