Tag: Dappradar

Blockchain-based Games Rallied Up 2,000% in One Year, DappRadar’s Latest Report Shows

by Blockchain News

DappRadar, a major online platform that offers information and insights about all the existing blockchain-based decentralized applications (DApps), Wednesday disclosed through its Blockchain Games Report that interest in blockchain-based games has risen by 2,000% since Q1 of 2021.

The study shows that blockchain games are leading in decentralized applications, which put them at 52% of all blockchain activities.

The report further reveals that blockchain games attracted 1.22 million unique active wallets (UAW) in March of this year. According to the report, Axie Infinity, a platform that offers decentralized games, was responsible for 22,000 such unique active wallets despite Ronin Network, a sidechain tied to Axie Infinity, being hacked that led to a loss of $615 million in stolen funds.

The study also indicated that an increase in popularity of play-to-earn (P2E) non-fungible token (NFT) games on Ethereum sidechains have been a big factor that significantly contributed to the growth of the blockchain games. As per the report, popular crypto games platforms on Polygon’s MATIC blockchain such as Crazy Defense Heroes, Pegaxy, Arc8, and Aavegotchi have spurred a 219% rise in Polygon’s gaming activities since the beginning of 2022.

Besides that, the report indicated that blockchain-based games raised $2.5 billion in Q1, 2022 from investors. If such a trend is maintained, then the total investments by the end of the year will be 150% higher than in 2021, the report said. Animoca Brands, a developer of blockchain-based video games that allow gamers to buy and sell NFTs, was among the major investors. In January, the Metaverse gaming company raised almost $360 million that giving it a valuation of$5 a billion before the addition of the new capital.

The impressive growth in the blockchain gaming sector comes amid certain challenges (such as historical hacks that have resulted in huge losses and plummeted players’ interest) witnessed in the few months.  

Bringing DApps to the Mass Market

In January, DappRadar produced a similar report that showed that four out of five DeFi apps (80% of DeFi apps) could disappear if the crypto bear runs for a year.

Founded in 2018 and based in Lithuania, DappRadar provides a global app store for decentralized applications. The platform enables users to track, analyze, and discover DApps (decentralized applications). It tracks more than 3,000 DApps across 10+ blockchains, including EOS, ONT, Ethereum, EOS, and TRON, with plans to expand to others.

DappRadar is funded by some of the world’s major internet and blockchain firms including Naspers, Blockchain.com, and Angel Invest Berlin. 

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Two Crypto Sectors Growing Rapidly, Defying Overall Market Correction: DappRadar

by Dailyhodl

Two nascent crypto sectors are bucking current crypto trends and rapidly growing despite a stumbling market, according to blockchain tracker DappRadar.

Per a new report, the popularity of non-fungible tokens (NFTs) and blockchain gaming are at least partially driven by interest from the Asian markets.

DappRadar says countries like China, Indonesia and India are exploding in terms of user base, overtaking the US as the epicenter of activity.

“The Asian market continues to increase its footprint within the industry overall. 

With a high interest in blockchain games and the potential for NFTs, the Asian region is undoubtedly one to closely monitor.”

The report highlights that the two crypto sectors appear unaffected by the macro factors that influence the rest of the digital markets, and instead exist in their own independent ecosystems.

DappRadar predicts that NFTs and gaming will continue to grow on the back of emerging use cases and mainstream adoption.

“Both NFTs and blockchain games performed strongly in 2021, and it appears that the trend will continue. Especially when considering the upcoming project releases and the potential use cases for both ends.

While the price of cryptocurrencies is volatile by nature, the adoption, volumes, and usage of blockchain games and NFTs have only increased constantly. It will be interesting to see whether maturity in both spaces will generate sensitivity to the price of their underlying tokens.”

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Featured Image: Shutterstock/Jag_cz/Salamahin

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Total NFT Sales Hit $25B in 2021

by Blockchain News

The explosion in popularity of non-fungible tokens (NFTs) topped its sales to some $25 billion in 2021, data from market tracker DappRadar showed.

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Reports showed that prices of some NFTs rose at high-speed last year that speculators sometimes ‘flipped’ them for a profit within days.

Although the growth of NFTs was monumental, DappRadar also reported that there were signs of growth slowing towards the end of 2021, which raises questions about the performance of the speculative crypto asset in 2022.

NFT sales volume totalled $24.9 billion in 2021, compared to just $94.9 million in 2020, said DappRadar – a company that collects data across ten different blockchains, which are used to record who owns the NFT. DappRadar also said that wallets trading in NFTs saw a rise to about 28.6 million, up from some 545,000 in 2020.

Data providers may vary in providing estimated volumes but transactions that take place ‘off-chain’, such as major NFT art sales at auction houses, are often not captured by the data, Reuters reported. 

While CryptoSlam – which also tracks multiple blockchains – reported $18.3 billion as total sales for 2021, NonFungible.com – which tracks the ethereum blockchain only – saw $15.7 billion sales in 2021.

According to the data from NFT marketplace, OpenSea, last year’s sales peaked in August, then declined in September, October and November before picking up again in December.

CryptoSlam data showed that prices of the most sought-after NFTs were highly volatile in 2021. The average sale price of a CryptoPunk image saw an increase from around $100,000 in July to nearly $500,000 in November, and by December it had fallen to around $350,000.

Although NFTs recorded an unprecedented sale volume, just 10% of traders accounted for 85% of all NFT transactions, research published in the journal Nature said.

NFTs are crypto-assets representing a digital item such as an image, video, or even land in virtual worlds. They are unique and non-interchangeable units of data stored on a blockchain – a form of the digital ledger – and are able to verify ownership of a work of digital art.

The increase in value of NFTs was a lucrative opportunity for the art world last year. Auction houses sold NFTs representing simple cartoons for millions of dollars with no physical objects changing hands. Meanwhile, some of the world’s top brands, including Coca Cola and Gucci were also quick to cash in on the hype and have already sold multiple NFTs.

“Everydays: the First 5000 Days,” the top NFT artwork sale last year fetched a record $69.3 million at a Christie’s sale in March. The artwork was created by Mike Winkelmann — the digital artist is also known as Beeple – who became the top three most valuable living artists after the sale of his work.

While Beeple’s NFT sale was the most expensive, a common price range for the sale of NFTs was $100 to $1,000 in 2021, NonFungible.com said.

Virtual real estate investor Republic Realm bought land in the virtual world The Sandbox for $4.3 million in November.

Riding on last year’s success of digital assets, 2022 is also likely going to be a positive year for crypto as the first trading week of this year has already seen cryptocurrency investment net outflows totalling a record $207 million, as reported by Blockchain.News.

After experiencing four consecutive weeks of outflows since mid-December 2021, the cryptocurrency sector reached a total of $465 million, or 0.8% of total assets under management, Blockchain.News reported.

Meanwhile, from the first week of 2022 to Jan. 7, 2022, the world’s largest cryptocurrency in terms of market capitalization, bitcoin posted outflows of $107 million, it added.

Image source: Shutterstock

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$106M worth of Metaverse land sold last week: DappRadar

by Cointelegraph

Four blockchain-based Metaverse projects generated more than $100 million worth of virtual land NFT sales last week according to data from DappRadar.

A Nov. 30 post from the decentralized application (DApp) analytics firm reported that between Nov. 22 and Nov. 28 activity was “booming” on The Sandbox, Decentraland, CryptoVoxels and Somnium Space with a combined $105.8 million worth of trading volume between them from more than 6,000 traders:

“Undoubtedly, Metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.”

The Sandbox represented the lion’s share of volume for the week with $86.56 million, Decentraland accounted for $15.53 million, while CryptoVoxels and Somnium Space generated $2.68 million and $1.1 million each. All four of these Metaverse projects are built on the Ethereum blockchain, although projects on other chains such as Solana are beginning to gather pace too.

DappRader noted that “the wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.”

“However, this is only the tip of the iceberg that pushed the term Metaverse into the mainstream. Virtual worlds carry such enormous potential, and we’re just beginning to see the full array of use cases for metaverse land,” the blog post read.

Related: NFT sales aim for a $17.7B record in 2021: Report by Cointelegraph Research

Commenting on The Sandbox’s enormous surge in NFT land sales volume, Yat Siu the chairman and co-founder of Sandbox’s parent company Animoca Brands told Cointelegraph that:

“Facebook in their attempt to usurp the narrative of the Metaverse caused a chain reaction of other companies not in Web3 (such as Microsoft) to also announce their Metaverse strategies and created mass interest and awareness.”

Siu contrasted Meta’s approach to the more organic, user built environment of The Sandbox.

“While not everyone understands what digital property rights really mean, enough of them are interested in this now and this has created more net awareness. The Sandbox has captured the narrative of a real Metaverse one where you can really own a piece of it, and this is also reflected somewhat in the token price,” added Siu.

Out of the four projects listed, Decentraland has seen the biggest NFT land sale over the last 30 days, with a plot consisting of 116 parcels of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens ($2.7 million at current prices) on Nov. 23.

On the same day, The Sandbox also sold a tokenized ultra luxury mega-yacht for 149 Ether (ETH) worth more than $666,000 at the time of writing.

Top 10 NFT sales Nov. 22 – Nov. 28: DappRadar