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It has been reported by DappRadar that 2023 will be the year when the crypto industry will make a comeback due to the recovery of NFT and DeFi. As the NFT market diversifies across multiple markets and blockchains, it continues to grow at a rapid pace.
An Age of Change
Taking a close look at the data, we see that the DeFi sector holds 37,039 dUAW, which is a decrease of 9.23%, i.e. similar to the decline of the blockchain gaming sectorwhich now holds 839,436 dUAW, down 0.89%.
It can be said that the NFT market is the most promising segment in January. The NFT market grew by 24.56% over the previous month, reaching 146,516 dUAW.
In January, WAX emerged as the most popular network after an analysis of on-chain activity. There is an average of 394,480 dUAW was generated on gaming blockchains and NFTs in the last month, an increase of 3.39% compared to the previous month. The top two dApps on the WAX blockchain are Alien World and Atomic Assets which are the marketplace for NFTs.
The dUAW BNB Chain decreased by 27.69% to 392,882 dUAW compared to the previous month. The most popular Dapp on the BNB Chain in January was PancakeSwap, with 1.29 million unique users (UAW).
In January 2023, we can see there signs of life in the DeFi market as Total Value Locked (TVL) increased by 26.82%reached $74.6 billion, a significant increase from the previous month.
This is a very promising sign for the future. There is no doubt that this metric is heavily impacted by crypto price rallies, but other on-chain indicators are also showing a bullish trend.
When we took a look at the top ten blockchains by TVL, we saw that all of them showed an increase in TVL over the last few months. Optimism is the top performer in the DeFi spectrum, reaching $808 million in TVL as a result of a 57.44% increase.
Finally it can be said so 2023 is off to a strong start. The DeFi and NFT markets have shown bullish on-chain metrics to start the year. I consider the decrease in the amount of money lost due to exploits this month, the lowest amount ever recorded in 2022, as a sign that blockchain security has improved significantly in recent months.
We have reason to be optimistic about the future of the crypto market due to the rising trend of the NFT market and the growth of the DeFi platform market. It is hoped that in the coming months, we will see continued growth and recovery as a result of these promising developments.
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