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Home»EXCHANGE NEWS»Report: Forget about cryptocurrency winter. Web3 is ready to heat up again.
EXCHANGE NEWS

Report: Forget about cryptocurrency winter. Web3 is ready to heat up again.

By Crypto FlexsJanuary 14, 20244 Mins Read
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Report: Forget about cryptocurrency winter.  Web3 is ready to heat up again.
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The bear market in the web3 ecosystem is over. This was one of the conclusions of DappRadar’s latest annual industry report, which identified several bullish signals heading into the new year. Of these, DappRadar found that 2023 ended with over 4.2 million daily unique active wallets (UAW), a 124% increase from the previous year.

Last year, despite several controversies and difficulties, marked the end of one of the longest winters in the short history of the cryptocurrency ecosystem. Fallen icons, regulatory crackdowns and hundreds of millions of dollars in hacks have all made for a turbulent year that has investors on the edge of their seats.

However, Web3 has grown in more ways than just market capitalization, indicating its growing relevance on the global stage.


A Year of NFT Growth

A report from DappRadar shows that in 2023, in addition to UAW growing 124%, the NFT community will attract 166% more users. Despite becoming significantly cheaper by 2023, NFTs still moved more than $12.6 billion in trading volume. This was also the result of a 445% increase in trading activity with 60 million NFTs sold, while the value fell 49%.

This year, the NFT space is the new king, with OpenSea becoming second only to Blur in the dominant NFT market. Blur ranked first in terms of volume with a 56% dominance. However, Opensea continues to remain first in terms of number of traders, with OKX displacing it in the last quarter of the year.

These statistics suggest that after years of NFT craze, speculation about NFTs has cooled. This has enabled new players to enter the ecosystem at both the market and collection level, which has increased community adoption and interest. The increased adoption of NFTs by major brands has also played a significant role, and this is likely to continue in the coming year.


Blockchain gaming is still king

Gaming has long been considered one of the applications of blockchain technology with the highest potential for mass adoption. Blockchain advocates have a lot to celebrate, as the sector has emerged as one of the most prominent segments in the dapp space. According to the report, blockchain games bring in “an average of 1.1 million UAW per day,” representing 34% dominance in the industry.

There is no blockchain report yet for the entire year, but the “State of Blockchain Gaming” report for the third quarter shows a 12% increase compared to the second quarter of 2023. This surge in activity is likely to have continued in the fourth quarter of 2023. Years for which historical data is given.

It seems that not all has been good news in the blockchain gaming space. According to the third quarter report, investment in web3 gaming projects has declined significantly, almost halving in the third quarter of 2023 compared to 2022. DappRadar analysts attributed this change to “clear market dynamics,” while also highlighting moves by companies like A16Z that indicate increasing institutional interest. .


DeFi was also a winner

DeFi also had a good year, although it did not receive as much attention as previous years due to numerous regulatory enforcement actions and new trends. According to the report, total value locked (TVL) increased by 77% to $103 billion. This surge was led by Ethereum, which saw massive growth thanks to multiple upgrades and hit a 52-week high in late December.

While Ethereum’s TVL surge appears to be unrelated to the number of transactions, this was not the case for L2 networks such as Arbitrum, Base, Optimism, and zkSync. As adoption of these networks increases, preferences will shift as developers and users look for alternatives that provide additional efficiencies and reduce transaction costs.

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