Crypto News – In Q1 2024, several bullish signs in the Web3 and decentralized application (DApp) space are highlighted in the most recent report from DappRadar.
Daily Active Unique Wallets Reached 7 Million on Average, According to the DappRadar Report
With 7 million daily active user wallets, DApps had a 77% growth in usage from the previous quarter. This indicates the highest adoption rates since 2022, with a rise of almost 40% since February 2024. The flood of new users, according to DappRadar, portends a strong rebound and the end of the longest bear market in history. These alleged gains follow a spectacular quarter for the most widely used cryptocurrency in the world, wherein Bitcoin repeatedly hit all-time highs following the SEC’s acceptance of multiple spot Bitcoin ETF applications.
The NFT Industry is Still in a Good Situation Today
With about twice as many wallets as the previous year, 4.8 million unique active daily users were registered in 2023. The biggest improvements were seen in NFTs last year, up 166% over 2022, according to DappRadar. As of now in 2024, the NFT industry is still doing well. First-quarter trade volume increased by 50% to $3.9 billion, and sales increased by 13% to $11.6 million, according to DappRadar.
Not since Q1 2023 has NFTs performed as well as they did this quarter. Nonetheless, with a 324% increase in active wallets in the first quarter of 2024, the social vertical has led the way in the sector’s expansion. Decentralized finance, gaming, and NFTs continued to perform well, with a recent surge in activity for social media DApps.
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