NFT sales and blockchain games continue to grow despite the recent market slump: Report

14 Jan 2022

NFT sales and blockchain games continue to grow despite the recent market slump: Report

January 2022 continues to be rough for crypto investors as current markets see turbulent fluctuations in the price of Bitcoin (BTC) and other cryptocurrencies. Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan, which significantly lowered the hash rate of Bitcoin. On Jan. 14, the price of Bitcoin dipped below $42,000 as traders continued to hold out hope for bullish signals. Nonfungible token (NFT) trading and blockchain games, on the other hand, seem to have resisted the dip. According to reports from DappRadar, NFT transactions continued to increase amid declining crypto prices. The report stated that "the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021." Numbers from the report also show that the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022. Recent developments in the NFT space, such as the launch of the LooksRare marketplace, may have also contributed to this growth.

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