The dApp industry keeps performing well. That’s despite the recent Black Monday event. Recovery seems to be taking part as we speak.
DappRadar had a report about the July dApp Industry growth. We take a closer look at this. This is Part 2 of a two-part series.
Gaming NFTs on the Front Row
During recent months, the NFT trend has changed. NFTs seemed to have found their way up again. Especially when in March they reached a $2 billion trading volume. However, the momentum seems to have gone. In July, the NFT trading volume narrowly went over $500 million. Compared to June, that’s a massive 41% decrease.
On the plus side, sales only fell by 11%. So, it seems that the demand is still there. However, the prices are dropping. Furthermore, it should come as no surprise that Ethereum still leads the dance. Its market share is 29%. However, Polygon is breathing down its neck. Its market share is now 24%. This is due to a shift in their focus. Polygon switched from DeFi to blockchain gaming. The market seems to shift from PFPs to gaming-related NFT collections.
One chain to keep an eye out for is Sui and its NFTs. We wrote about the unique features of Sui NFTs. They’re about to start making waves. You want to check out their blue-chip collection of Prime Machin.
NFT Marketplaces
Since its grand entrance, Blur was a force to reckon with. Last year, it led the NFT marketplace sector. However, during July, Open Sea took over the top spot again. Its trading volume dominated, with a 31% market share. Blur still holds a steady second spot.
Magic Eden comes in third, due to the popular Bored Ape Yacht Club collection. Element Market also joined the party in the fourth spot. Its volume was up by 202% in July. The zkCastle collection was crucial in this rise. In case you want to follow up on a Sui NFT marketplace, Tradeport is the place to go. The picture below shows the July top 5 of NFT marketplaces.
Exploits and Hacks
Exploits and hacks are unfortunately part of the Web3 sector. During the last couple of months, we have noticed a downward trend. However, July wiped all this off the table. It saw a 400% increase in exploits and hacks compared to June. We’re looking at $250 million in damages. A number we haven’t seen since November 2023.
Some noteworthy exploits during July, were, for instance,
- WazirX multisig exploit on 19th July 2024 — This took the mother lode share by a whopping $230 million.
- Li.Fi exploit on 16th July 2024 — An arbitrary call vulnerability caused this $8 million loss. This is a cross-chain DeFi protocol.
Securing dApps remains an important priority. Developers need to pay extra attention to keep their platforms safe from exploits.
This sums up Part 2 of this two-part series. Here’s a link to Part 1.
Disclaimer
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