The latest edition of DappRadar’s monthly industry report, ‘The January 2022 Dapp Industry Report,’ was recently published, revealing phenomenal sales records for NFTs. The report series, which is a flagship production of the leading decentralized applications store, covers all facets related to the performance of the blockchain industry.
According to the latest report, NFTs ran rampant throughout the month of January 2022, as they once again broke records with a total of $16 billion in trades. Blockchain games also retained their position as a leader in terms of usage, accounting for over half of the unique active wallets interacting with dApps.
New NFT marketplace LooksRare drove a huge $10.7 billion of the total NFT trade volume in January, with OpenSea capturing $4.7 million’s worth of the remaining $5.3 billion. Despite such impressive numbers, trading patterns on LooksRare indicated that sale volumes were inorganically inflated due to the platform’s incentivizing trades via its $LOOKS token reward system. This can be seen through the numbers, as only 35,000 traders transacted on LooksRare, with a corresponding sales count of 33,750, whereas OpenSea saw over half a million traders, with a sales count of 4.7 million.
Within the context of a two-month long crypto ‘slump’ from November, where we saw Ethereum’s price drop a huge 50%, the category of NFTs remained relatively stable, as the USD floor price market cap for the top 100 collections, which are collectively estimated at whopping $14.8 billion, only decreased by 15% throughout this time. Not bad going for the readily scrutinized digital token.
With regards to blockchain gaming, 52% of the nearly 2.5 million wallets connected to dApps throughout January engaged in the innovative new landscape. A primary reason for games maintaining their player bases is because of the high retentive attributes achieved within top dApps games, such as Splinterlands, Farmers World, Axie Infinity, and Upland.
As a whole, and with blockchain games playing a supporting role, the blockchain space only saw a 2% decrease in use relative to December’s numbers, despite being riddled with such a bearish crypto market.
Those wanting to delve deeper into the stats and figures of dApps can read DappRadar’s additional reports series, which include the monthly Blockchain Gaming Report, Dapp User Behaviour and Whale Analysis reports, as well as the bi-monthly New Apps Reports.