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What the New DappRadar Report Reveals about the Crypto Bear Market’s Winners and Losers

  • The overall average of Unique Active Wallets (UAW) decreased by 12% since Q1
  • Blockchain games transactions defy the bear market and showing a 9.5% growth since Q1
  • Axie Infinity is the top searched NFT collection in 122 countries

When it comes to tracking decentralized app (Dapp) activity, DappRadar, a worldwide app store, revealed that blockchain games climbed by about 10% in the first quarter of this year, despite the bear market.

In spite of Terra’s dramatic collapse, investors remain optimistic about blockchain games and metaverse projects, with $2.5 billion invested in both Q1 and Q2 of this year alone. According to the data, June was the month with the lowest investment per month, at $500 million.

Market activity seems to be stable, according to the data, which indicates a minor 12 percent drop in average UAW activity QoQ. We’ve seen a 62% rise in UAW activity over the last year, which gives us a more positive perspective.

DappRadar’s CEO Skirmantas Januskas said:

“We think that blockchain gaming is going to be key in the next two or three years and is going to bring at least a 100 million new users into crypto, for one simple reason, they connect NFTs and DeFi. With all three combined, blockchain gaming, NFTs and DeFi you will see something genuinely new and exciting.”

User wallet (UAW) activity has decreased just 7 percent after the Terra event, which indicates that blockchain dapps are still popular with users. Game NFT transactions have declined by 51% since the beginning of the quarter, while sales volume has dropped by 82%.

In contrast, during the previous quarter, the volume of NFT transactions has decreased by close to 12%, while DeFi transactions have decreased by 15%. There has been a 68 percent decline in TVL across all blockchains. The Harmony bridge hack cost certain outliers, like Harmony, 76% of their TVL. There’s already a lack of confidence in the industry, and user skepticism is building after the Terra incident, which might mean the end for the chain. We’ll have to wait and see.

On the other end of the spectrum, many smaller chains have a more positive outlook. Last year, Solana expanded by 322%, while Fantom rose by 455%. Avalanche is still up 1329 percent from last year despite being down by 80% from its all-time high value. Many NFTs and game developers are drawn to Solana because of its low transaction fees and higher processing speeds compared with the competition.

NFT initiatives connected to the Metaverse have shown an overall increase in trading volume and transaction count of 97 percent and 27 percent, respectively. A worldwide interest in NFTs continues despite the previously reported setback.

Even while NFT trading volume and transaction count has decreased by a third since Q1, interest in places such as North America, Oceania and portions of Europe remains robust, with Axie Infinity the most popular NFT collection in 112 countries. Singapore and Hong Kong were the top two countries for NFT searches, with 18,717 and 15,213, respectively. With 12,358 and 10,677 US searches, Canada and the United States are tied for third place in North America.

With the exception of Chile, where Axie Infinity is preferred over Decentraland, North America’s favorite collection is Axie Infinity. Sorare is a popular choice in France, Italy, and Switzerland, as well as many European football fans. Decentraland is more popular in countries like Austria, Germany, Iceland, Latvia, and Lichtenstein.

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