Web3 Apps Reach All-Time High of 10 Million Daily Active Users

Usage of decentralized applications ticked up significantly in the second quarter.

According to DappRadar, unique active wallets (UAW) topped 10 million, which translates to a 40% increase over the previous quarter.

Each sector of the industry onboarded more users, although SocialFi claims the top place. However, while DappRadar reported social platforms grew 66% and averaged nearly 2 million UAW, pundits have been writing off the sector amid a dwindling Friendtech and Fantasy Top.

Gaming is the sector with the most usage across dApps, briefly surpassing three million users in early May before pulling back 30%.

Notably, NFTs enjoyed their best quarter since Q1 2023.

Driven by Ordinals and the popularity of Runes – a new protocol that enables memecoins on Bitcoin – non-fungible tokens have been steadily growing since bottoming out in Q3 2023. The sector’s volume is up to $4 billion from $1.6 billion last year, with more than 14 million transactions in Q2.

OpenSea, once the darling of the NFT sector, has been relegated to third place in terms of trading volume at $369 million across 1.8 million transactions. Blur claims the gold medal with $1.27 billion processed, followed by Magic Eden with $884 million.

OKX NFT marketplace and Ordinals-based UniSat follow in fourth and fifth place, respectively.

However, other metrics show that OpenSea continues to be popular with traders. On July 2, OpenSea had 1,255 unique buyers, while Blur had 836. The sales count also favors the former, with 2,384 versus 2,168.

Among the top 5 NFT collections, only Runestones has shown growth in the past quarter. With $165 million traded, the collection has grown 93%, while others – Bored Ape Yacht Club, Pudgy Penguins, and Mutant Ape Yacht Club – have stalled amid falling prices.