January 2022 will still be tough for crypto investors as the current market sees Severe volatility in bitcoin price and other cryptocurrencies.Some attribute the slump to recent Federal intends to introduce new rate hikes, and Political turmoil in Kazakhstan This significantly reduces Bitcoin’s hash rate. January 14, price Bitcoin falls below $42,000 As traders continue to hold out hope for a bullish signal.
On the other hand, NFT transactions and blockchain gaming seem to have resisted the decline.according to Report From DappRadar, NFT transactions continue to increase amid falling crypto prices. “The number of UAWs connected to Ethereum NFT dapps has grown by 43% since Q3 2021,” the report said. Data in the report also shows that funds generated from NFT transactions rose from $10.7 billion in Q3 2021 Increase to $11.9 billion in the first ten days of 2022. Recent developments in the NFT space, such as Launch of the LooksRare Marketplace may also have contributed to this growth.
The report also noted that “blockchain games continue to be widely used,” noting that they “represent 52 percent of industry usage.”With the growing success of the game’s monetization model, the development of extended virtual worlds has also intensified Blockchain gaming will continue to grow in 2022.
The growing interest in NFTs and blockchain games during this market downturn is partly due to the Chinese audience, which coincides with China’s recent announcement that it will start developing its own games Non-encrypted NFT industry. According to DappRadar’s report, “China is now the country with the widest user base…a 166% increase over the November registration figures.”
Although the US now ranks second in terms of total traffic, the country still saw 175,000 new users in the NFT ecosystem, an increase of around 38%. Part of this comes from growing interest from younger audiences, as millennials and Gen Z start to capture a higher percentage of traffic.
DappRadar reports that “30% of its traffic comes from users in this age group… [with millennials] This is an increase from the 36% observed last year. “