Adoption of the crypto industry remains steadily increasing, according to market indicators set by crypto analytics firm DappRadar.
According to a recent report published by DappRadar, there are data points that indicate a positive adoption rate for Web3, Metaverse platforms, and the cryptocurrency industry across the globe, but particularly in the United States. As per the report, there has also been a spike in the digital industry in both Ukraine and Russia amidst political conflict in the regions.
The firm’s research points to a correlation between economic uncertainty (seen prominently in inflation and strong instability of a country’s fiat currency) and the rise in cryptocurrency in the region. This could be that citizens in countries with economic insecurity could be looking to digital assets to hedge against their country’s currency. As per DappRadar, the most interest on social media (a metric indicating positive sentiment) is ranked with the United States at the top, with a 2.2 score. This has been followed by Indonesia, with a 1.4 score, India with a 0.6 score, and Turkey and Bangladesh both with a 0.5 score.
According the report, leading Metaverse platforms including Decentraland, The Sandbox, Somnium Space and Roblox are all thriving in the United States. These platforms, emerging and rising rapidly in the digital world, are positioned to be a major part as the Metaverse develops across the globe.
The rise of NFTs across the world has also driven a number of customers to engage with the emerging digital world. As more companies partner with Web3 brands and launch NFT collections, more users are introduced to the NFT and blockchain-based space, encouraging new investors, collectors, and users to step into the world of crypto. Leading global brands such as Gucci, Burberry, Nike, Adidas, and Coca Cola are all dabbling with NFT collections – encouraging brand loyalists to step into the digital space in a new way. Additionally, banks like HSBC and JP Morgan Chase are opening digital banking booths in Metaverse platforms like The Sandbox and Decentraland.