DappRadar, the leading blockchain dApp store and analytics firm, has released a Behaviour Report detailing the most important behavioural patterns influencing blockchain users over the last quarter. Although volatile market conditions have marked 2022, the report says that usage of cryptocurrencies is on the rise. The article also uses Reddit’s success with NFTs to illustrate the effect of consumer behaviour shifts.
According to the report, smart contract implementation increased by 40% from the first to the third quarter, with each month setting a new all-time record. Furthermore, in 2022, about 36% of all smart contracts published and verified on the blockchain were implemented.
According to the data compiled for the report, the three nations with the fastest-growing crypto usage are Ukraine, Indonesia, and Russia. Since July, their uptake has risen by 143.17%, 115.59%, and 88.28%, respectively. The United States is still the top market for cryptocurrencies, and this dominance has not changed since July. The United Kingdom is now in sixth place after a decrease of 6.40% in September from July. Vietnam, despite not falling in the rankings, has had the largest drop in traffic, at a whopping 49.30%.
Collectable Avatars, a new initiative from Reddit, launched on July 7, 2022. The Reddit NFT was the company’s first major foray into the NFT space; it was issued on the Polygon blockchain and sold for a fixed amount of fiat currency. DappRadar claims that the success of Reddit’s NFT effort can be attributed to the platform’s awareness of the lack of interest in NFTs among individuals who are not familiar with Web3. Since July, Reddit users have created three million crypto wallets on the Polygon network, making it more popular than OpenSea in terms of active wallet numbers.
The company commissioned independent artists and sought out established names from within its own ecosystem to design distinctive, visually appealing digital avatars. These NFTs are similar to a CC0 license in that they allow unrestricted use of intellectual property on Reddit, providing the owner with special privileges. This, in turn, encouraged users of the platform to purchase the novel PFP with fiat currencies rather than cryptocurrency. Even better, Reddit did all this without resorting to the acronym “NFT.” The phrase wasn’t even a thing when Reddit first released the items in July.
Blockchain games are becoming increasingly popular, but they have a long way to go before they become mainstream in the gaming industry. As evidence, DappRadar refers to a recent Web3 game market sentiment poll conducted by Coda Labs. The survey states that most individuals do not understand crypto or NFTs, and only 16% of those polled consider themselves crypto gamers.
In addition, the results of the Coda Labs survey confirm that the lack of a crypto wallet is a significant contributor to the relatively low rate of Web3 game adoption. In addition, the survey notes that 52% of gamers had never heard of Web3 gaming. At the same time, future interest in these games is low, with only 15% of Web3 users showing enthusiasm for them. This could pose a problem to the sector’s growth.
Gender inequality has not altered much from the previous quarter, with men still making up about 75% of the users. DappRadar saw a 6.16 percentage point increase in their female user base last quarter.
In addition, DappRadar notes that younger demographics have contributed a greater share of the users over the past quarter. Nearly half of DappRadar’s visitors are Millennials (those aged 25 to 44), while GenZ (those aged 24 and younger) now make up a third of website traffic, up 7% from Q2. Generation X, or those between the ages of 45 and 64, continue to make up 14.49% of all visitors, a number that hasn’t moved since the previous quarter.
This post was last modified on Oct 28, 2022, 11:27 BST 11:27