Crypto Airdrops Are Spurring Increased Web3 Wallets, Report Reveals
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A report from an NFT marketplace, DappRadar, revealed that the number of unique active crypto wallets is now more than 10 million. The report also shows how web3 platforms have performed in Q2 2024.
DappRadar also showed that the number of crypto wallets surged by 40% in the second quarter compared to the second quarter of last year. According to the report, the recent avalanche of crypto airdrops from several firms is the reason behind this surge. The airdrops have also added more crypto users from the mainstream as they try to get a crypto wallet to participate in the promotions.
The Crypto Airdrops Will Not Stand The Test OF Time
Airdrop farming is where individuals looking for crypto tokens identify Web3 projects preparing for token airdrops. They can participate in the platforms’ games and stand a chance of gaining financial rewards.
However, DappRadar has noted that the recent airdrops will not stand the test of time, as it is just a trend. The platform pointed to the ongoing levels of ‘crypto giveaway’ scans that have led to several financial losses.
The firm added that it’s essential for crypto firms to continue offering superior products and services that will ensure long-term retention of users after the initial airdrop. DappRadar has suggested the growth of solid development teams, robust roadmaps, and superior user experience to offer more to users.
dApps linked to networking and social media surged by 66% in Q2 2024 as interests continued to rise. According to the data analytics platform, between April and June, the number of unique active wallets related to social dApps reached 1.9 million.
dApps Are Also Rising in Popularity
As more crypto wallets are created, the dApps sector has also shown increased progress in Q2 2024. dApps are not based on traditional Web2 servers but are built and supported on blockchain networks.
This makes them seem more complex and more secure. They are also open-source software programs that do not have a single source of control, either by individuals or entities. Instead, they are governed and managed by multiple userbases, making transactions unbiased and secure.
Social networking apps are increasingly getting more attention in the crypto and Web3 space. Unlike Web2 networks, dApps give users more control over their monetization methods and contents while protecting them from threats of censorship. DappRadar stated that more users are gaining confidence in dApps, and there is room for the sector to grow and expand.
