Active blockchain wallets drop 9.7% compared to previous quarter | DappRadar
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In the first quarter, the number of unique active blockchain wallets dropped 9.7% compared to the previous fourth quarter, according to a quarterly report by measurement firm DappRadar.
Blockchain gaming continues to dominate the Web3 industry, with an average of 791,474 daily Unique Active Wallets (dUAW) in Q1, representing a decrease of 8.58% from the previous quarter, DappRadar said. Gaming holds a 45.6% share of the entire industry.
Non-fungible tokens (NFTs) had a strong Q1 2023, with a 137.04% increase in trading volume to $4.7 billion, the highest since Q2 2022. However, March saw a 15.65% decrease in monthly trading volume to $1.7 billion and a 4.63% decrease in monthly sales to 2.7 million.
The dentralized app (dapp) industry in Q1 experienced both highs and lows, with fluctuations in on-chain metrics and market trends. However, overall sentiment remains optimistic, as the crypto space continues to demonstrate resilience and adaptability, DappRadar said.
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In the first quarter, one of the major factors driving hype around decentralized finance (DeFi) was the much expected Arbitrum airdrop, which attracted a lot of attention from traders. However, on March 11, following the Silicon Valley Bank crash and the sunsequent USDC (USD Coin) depegging, the DeFi market experienced a big drop in its total value locked in a smart contract (TVL), falling by 9.6% from $79.28 billion to $71.61 billion. This created panic among investors,
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