DappRadar reported that the number of daily active unique users in the decentralized application (DApp) market surpassed 2,3 million during the first quarter of this year.
The market for decentralized applications (Dapps), supported by technology blockchain, registered 2,38 million active unique users per day during the first three months of this 2022, according to the latest report Posted by DappRadar.
The platform, dedicated to offering analysis and monitoring in the markets for decentralized applications and NFT tokens, indicated that despite the current macroeconomic panorama that challenges global markets, including that of the cryptocurrencies, , and blockchain security concerns, the current number of active unique users in the DApps market highlights the popularity and interest that decentralized applications have gained in recent years.
DeFi and NFTs are becoming more and more popular
Gradually, DApps of different categories, such as, DeFi, NFT and digital games have gained attention across industries as the broader crypto market matures.
Recently, the financial giant Mastercard filed several patent applications with the United States Patent and Trademark Office, in which it reveals its interest in entering the world of NFTs and the Metaverse. Like Mastercard, other companies such as American Express, Telefónica, ESPN, Samsung, Spotify, Warner Music Group and many others also want to embrace emerging technologies to provide their users with new opportunities and experiences.
Even the UK Treasury has asked the British mint Royal Mint to mint its own NFT this year, as part of its strategy to embrace cryptocurrencies, stablecoins and blockchain technology and offer a friendly environment for the crypto industry.
Sanctions and security in blockchain
Thus, although the current macroeconomic panorama resulting from the sanctions imposed against Russia for its war in Ukraine has been affecting the crypto market, it seems that it is beginning to recover thanks to growing interest and demand, DappRadar noted. The platform indicated that Ukraine's initiatives to raise funds in cryptocurrencies to alleviate the humanitarian crisis in the country and to regulate cryptoasset companies are having a positive social impact within the community, favoring the recovery of the market.
On the other hand, DappRadar also focused its attention on blockchain security, which has also become one of the biggest concerns of users and investors today. Losses due to hacks and exploits on blockchain protocols and platforms amounted to $1.200 billion during the first quarter of 2022, making security one of the biggest challenges that must be addressed in the industry in order to boost its mainstreaming.
$12.000 billion in the NFT market in the first quarter
As for the NFT market, which was all the rage in 2021, DappRadar indicated that it has reversed its upward trend so far this year. Digital land, which has been one of the highest-grossing sectors in the NFT space in recent months, saw a drop of 18% during the month of March.
However, scalability-focused blockchain networks such as Avalanche, Flow, Polygon, and Solana continue to see the number of NFT transactions grow. According to the platform, this is a sign of increasing adoption of scalable networks across the NFT ecosystem, even though the total trading volume for these assets remains at low levels.
The NFT market reached a trading volume of $12.000 billion during the first quarter of the year, according to on-chain data.
Continue reading: Why does the UK want to mint an NFT?
