Cryptocurrency

DappRadar deems Reddit blueprint for NFT launches ‘one of the biggest events for Web3’ in 2022

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New information suggests that Reddit may have deciphered the formula for registering new users to web3. report released by Dapp Radar About the behavior of the blockchain industry.

Additionally, 94% of adults with “household discretion” are now aware of cryptocurrencies. The report states:

“Reddit’s ease of onboarding new users to the world of NFTs can be considered one of Web3’s biggest events of the year.”

Reddit’s new collectible digital avatar is an NFT based on the Polygon network, but there has been little educational or marketing material released by Reddit that references the blockchain technology behind the product.

Reddit also avoided the term “wallet”, which DappRadar defined as “wallet”.It can be an offensive term. Instead, social platforms use the phrase “vault” to draw users into new digital initiatives.

Pedro Herrera, Head of Research at DappRadar, said: crypto slate.

“We see a lot of resistance to NFTs on these social platforms. So it was really exciting to see how they approached this. They claim the process was very smooth because they didn’t have to pick up or set up anything.”

A DappRadar report states:Reddit’s accomplishments in this case cannot be overstated. If successful, the blueprint could be a catalyst for web2 companies moving to web3 with solid strategies to attract potentially non-native audiences for cryptocurrency products and terms.

The growing popularity of Reddit NFTs has been tied to the general excitement of blockchain technology within the developer community. Amid weak price action within cryptocurrencies, on-chain development and activity is at an all-time high.

This report isSmart contract deployments increased 40% compared to the first quarter of this year, with each month of the third quarter reaching record highs. Another spike was also seen following the Ethereum merge when he had a 14% spike in smart contracts deployed on the chain.

“Nearly 36% of all smart contracts published and confirmed on the blockchain to date have been executed in 2022. Compared to over 323,700 contracts executed to date, there are approximately 118,000 smart contracts in total. is.”

Conversely, after the 2018 cryptocurrency crash, smart contract installs dropped by 45%. The juxtaposition of the data shows that the current bear market is a completely different beast than its predecessors.

smart contract
Source: Alchemy

Other aspects of blockchain development, such as web3 games, were also covered in the report. It highlighted problems in adopting web3 games, including a lack of awareness among traditional gamers and a decline in Twitter mentions of web3 metaverse terminology.

Regarding web3 games, Herrera comments:

“There is still a lot of work to be done when it comes to the game economy. We still need projects to crack the code to achieve long-term sustainability rather than short-term growth.”

However, Herrera is bullish about the future of games on web3 from projects that “have plans” and “think long-term”. What he’s most excited about are games for people to “play for entertainment, not to earn tokens.”

The report also notes an increase in women within the web3 space, a 6.16% increase compared to 2021. However, the ratio in favor of men within this space remains roughly 75/25. The US still dominates the industry, India, Indonesia, Russia, Ukraine.

DappRadar’s report concludes that while the industry appears to be “on the upswing when it comes to regulation,” “new legislation and enforcement of existing regulations are most likely to have a positive impact on the industry.” . DappRadar argued that the regulation would “give more legitimacy to cryptocurrencies and promote their adoption.”

of full report Information from DappRadar can be found in their research section and will be available to all users from 12:00 UTC on October 28th.

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