A quantitative analysis report published by DappRadar has uncovered a series of revealing market behavior indicators for the global adoption of digital assets.
Blockchain data portrays a positive sentiment for the Web 3.0 and metaverse sectors, especially in the United States, a reactionary rise in interest in cryptocurrencies across Ukraine and Russia following the outbreak of the armed conflict, as well as how the well-documented rise of gas prices across Europe is impacting inflation metrics.
The chart statistics revealed a high correlation between the unfavorable economic dynamics observed in times of currency devaluation and the interest in investing in cryptocurrencies, data suggesting that the latter could serve as an investment hedge.
The tumultuous 217.65% devaluation of the Brazilian real (BRL) against the US dollar over the past decade was a factor influencing the 45% of participants who said they were considering buying a digital asset in the next year. Similarly, India witnessed a 40% surge in interest in cryptocurrencies following a 58.58% devaluation in its national currency, the rupee (INR).
In the category titled “Countries with the highest indicators of social networks for the Metaverse Web3”, The United States ranked first with a score of 2.2, followed by Indonesia and India with 1.4 and 0.6, respectively. The United Kingdom was in seventh place with 0.3.
Many of the major metaverse platforms, such as Decentraland, The Sandbox, Somnium Space, and Roblox, have drawn much of their user base from the United States.
“Fashion giants such as Gucci, Dolce and Burberry have launched NFT collectibles, while Nike and Adidas have partnered with leading Web 3.0 brands. HSBC and JP Morgan will open virtual stands at The Sandbox and Decentraland.”
Despite total value locked (TVL) growth in the decentralized finance (DeFi) market, approaching $200,000 at press time, transaction volume has been steadily declining since peaking in the middle of January.
Also, the report notes that “Industry TVL is recovering following the rise of rapid and holistic ecosystems on Terra, Solana, and Avalanche.”
A main indicator of this growth is the number of developers moving to the network. As the chart below shows, Terra saw 313% year-over-year growth, while Solana and NEAR saw footfall of 307% and 291%, respectively.
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