According to the latest report from DappRadar, Web3 applications have reached an all-time high, with daily active users topping 10 million. This milestone reflects a 40% increase in usage over the past quarter.
Decentralized Application Usage Surges, Signifying Industry Momentum
The second quarter of the year saw a notable uptick in decentralized applications (dApps) usage. DappRadar reported that unique active wallets (UAW) surpassed 10 million, marking a substantial 40% growth compared to the previous quarter.
Sector-Specific Growth
Each sector within the Web3 ecosystem experienced user growth, with SocialFi leading the charge. Despite scepticism about the sector’s sustainability, platforms like Friendtech and Fantasy Top contributed to a 66% growth in social platforms, averaging nearly 2 million UAW.
Gaming remains the most active sector within the dApp landscape. In early May, it briefly exceeded three million users before retracting by 30%. This indicates a robust yet fluctuating engagement in blockchain-based gaming applications.
NFT Market Rebounds
The non-fungible token (NFT) market had its best quarter since Q1 2023, driven by innovations such as Ordinals and the Runes protocol, which enable meme coins on Bitcoin. The NFT sector’s trading volume surged to $4 billion from $1.6 billion last year, with over 14 million transactions recorded in Q2.
Regarding marketplace rankings, Blur led with $1.27 billion in processed transactions, followed by Magic Eden at $884 million. OpenSea, previously the market leader, fell to third place with $369 million in trading volume across 1.8 million transactions. OKX NFT marketplace and Ordinals-based UniSat rounded out the top five.
OpenSea’s Persistent Popularity
Despite its drop in trading volume, OpenSea remains popular among traders. On July 2, OpenSea reported 1,255 unique buyers, surpassing Blur’s 836. Additionally, OpenSea had a higher sales count, with 2,384, compared to Blur’s 2,168.
Top NFT Collections
Among the leading NFT collections, Runestones emerged as the only one showing growth in the past quarter, with $165 million traded, reflecting a 93% increase. Other prominent collections, such as Bored Ape Yacht Club, Pudgy Penguins, and Mutant Ape Yacht Club, experienced stagnation amid falling prices.
The substantial growth in Web3 app usage and the resurgence of the NFT market underscore the evolving landscape of decentralized applications. As sectors like SocialFi and gaming continue to innovate and attract users, the Web3 ecosystem is poised for further expansion.
