The market from App Store to Dapp Store
Last updated
Last updated
DappRadar is dedicated to helping people discover decentralized applications (dapps) because we believe that organizations should be more transparent about their spending, that large corporations should share their success with their users, and that purchasing a digital asset should come with ownership. We believe that dapps have the potential to change the world by running software on the blockchain that allows for the automation of processes that traditionally require institutions such as banks, governments, or commercial entities.
Dapps provide users with control over their financial assets, ownership of digital items for video games, and the ability to move their online reputation seamlessly between blockchain-powered social media platforms. Decentralized services are becoming increasingly necessary due to mismanagement and a lack of transparency in traditional financial institutions, as well as data leaks from tech companies. Governments are preparing for broader crypto adoption through regulatory frameworks, and as a result, Web3 and dapps will slowly become a part of our lives.
At the end of 2022, DappRadar recorded a daily average of 2 million Unique Active Wallets (UAW), which is the Web3 equivalent of Daily Active Users (DAU). However, this is only a small fraction of the enormous potential that lies ahead. With 6.64 billion people worldwide owning a smartphone, there were 230 billion app downloads in 2021 (Statista, 2022), indicating the massive growth potential for dapps in the future.
By 2026, revenue from apps downloaded from the Apple App Store and Google Play Store is expected to reach $614.4 billion (Statista, 2022). More optimistic estimates predict revenue of $957.44 billion by 2026 with an annual growth rate of 22.95% (Yahoo Finance, 2022). Gaming, with a market share of over 50%, is expected to account for the majority of this revenue.
However, the biggest gatekeepers in this market, Google and Apple, have been blocking or refusing applications that offer blockchain services or incorporate tokenized assets. In contrast, DappRadar believes in unlocking, embracing, and empowering token-based business models. We believe that building a walled garden is not the path to progress.
DappRadar provides users with relevant information and interesting metrics about dapps by utilizing data directly from the blockchain. This allows users to make well-informed decisions about whether a particular dapp is worth their time, effort, or potential spending. This capability is unique to DappRadar and provides users with insights that are not available on most app platforms.
Decentralized applications, or dapps, are unique in that they use the blockchain, which enables live on-chain data that can be used to measure their performance. Users interact with smart contracts by sending tokens, resulting in measurable actions such as a trade on a decentralized exchange, claiming a game reward, or purchasing a digital collectible. This makes it possible to obtain valuable insights into the usage and adoption of dapps, which in turn can inform decision-making for developers, investors, and users alike.
| Apps | Dapps |
|---|---|
Gaming
TradFi
Social Media
| Gaming
DeFi
Social Media
|
In December 2022, DappRadar registered over 2 million Unique Active Wallets interacting with smart contracts across all blockchains. These are wallets interacting with dapps, and therefore wallets that simply send crypto from one wallet to another don’t count. Behind these 2 million wallets are gamers, collectors, traders, investors, event organizers, builders, designers, artists and much more.
On DappRadar users can discover 14,000 dapps across 50 blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Flow and Cardano. Through DappRadar’s unique metrics, users gain insights in dapp data, tailored to the type of dapp at hand: DeFi, NFTs, games, social and so on.
