Gain Dapp Market Insights with DappRadar Data

DappRadar PRO Members can access raw dapp data and create their own conclusions

Studying onchain dapp metrics is a fundamental part of any decision you make when it comes to deciding which Web3 project you want to get involved in. Whether it’s a game you want to play, a metaverse platform you want to spend time in, or a blockchain project you want to invest in, you need to make your choices based on data. 

Table of Contents

• How to use DappRadar to perform data-driven analysis
• Understanding the fundamentals: dapp data metrics
• Know how to use your DappRadar PRO privilege
• Level up your dapp exploration with DappRadar
  • How to spot upcoming dapps? 
  • How to use data to achieve effective NFT trading/collecting strategies?
  • How to evaluate dapp engagement?
• Continue monitoring market trends with DappRadar 

How to use DappRadar to perform data-driven analysis

With more than 50 blockchains and over 14,000 dapps tracked, we give our users information they can use to make informed decisions. 

By becoming a DappRadar PRO Member, you can even extract blockchain data in the form of CSV files and turn that into analytical models to use as you want. Whether you have expertise in spreadsheets or are proficient in programming languages like Python for analysis, the data is at your disposal.

You can do this for both dapp data and NFT data. So if you’re a trader of PFPs, an investor in decentralized applications, or a gamer looking for the best games on the market, our data will help you make wiser decisions.

In this article, we will present the accessible data and illustrate various common analysis scenarios to showcase what you can achieve using DappRadar.

First, understanding the fundamentals – dapp data metrics

There are many ways to slice up blockchain data, so it’s up to you how you use our data to find the answers you’re looking for. At DappRadar, we’ve broken down dapp data into the following categories:

• Transactions: this is the number of transactions (signed-for interactions) that go between a Web3 wallet and a dapp’s smart contract. They’re not necessarily always a transfer of cryptocurrency or a purchase.

• Unique Active Wallets (UAW): this is the number of individual Web3 wallet addresses that connect to a dapp. It’s not the same as unique users, because some people can have multiple wallets. But there is a strong correlation between the number of people connecting to a dapp and the number of unique active wallets.

• Volume: this is the amount of cryptocurrency – in dollar value – that has passed through a dapp’s smart contract over a given period of time. Unsurprisingly, the token exchanges and DeFi platforms always come out on top in our Rankings on this metric. But secondary marketplaces like OpenSea and Blur also see high Volumes. And some of the more popular games like Axie Infinity and The Sandbox go through periods of high volume, often during seasonal events and digital asset sales.

• Balance: this is the total value of assets currently locked into a dapp’s smart contracts. It’s particularly useful for judging the strength and performance of a decentralized exchange or DeFi platform. Some Games can also have high balances, particularly if they have an extensive staking program or in-game competitions where you need to put up tokens to enter.

Combined, we can use these metrics to judge the strength of a dapp. Individually, each one can give us low-resolution insights into how well we think a platform might perform in the future. By putting them together and running the data over a longer timeframe, we can build up a bigger dataset to help us arrive at some assured conclusions.

Know how to use your DappRadar PRO privilege

PRO Members can go into our archives and extract blockchain data to create their own charts, models and analysis. 

Go to a dapp page, for example, The Sandbox, navigate to the Overview tab, and scroll down to the Historical activity chart. Once you’re here, select your desired date range and click on the three dots in the upper-right corner.

From there, you can download the CSV file and begin working with the data to perform your analysis.

PRO users can download a range of data, including a dapp’s historical UAW, trading volume, and transaction numbers. When it comes to NFT data, these users can also access historical floor prices, market cap, trading volume, and other relevant information. 

These data sets are comprehensive enough to support in-depth analysis. And it’s worth noting that additional data points will be introduced in the future to enhance your analytical capabilities.

Level up your dapp exploration with DappRadar

How to spot upcoming dapps? 

DappRadar allows you to stay ahead of the game by identifying upcoming dapps that are set to hit the market. 

In August 2023, we unveiled our new Explorer page, which acts as a gateway to Web3 projects. On this platform, you’ll discover upcoming dapps and get a glimpse of their launch dates. 

Simply click on a project’s name to be taken to a dedicated dapp page, where you can find more details such as social media links and a shortcut to the official website. As a special bonus for our PRO users, on the dapp page, you’ll also have exclusive access to the dapp’s smart contracts. 

By keeping an eye on pre-launch activities and early indicators, you will be among the first to explore and engage with these new additions to the blockchain ecosystem.

Furthermore, once the dapp goes live, you’ll have access to its on-chain data performance right from day one. This firsthand information is a valuable resource you can use to analyze its growth and sustainability.

How to use data to achieve effective NFT trading/collecting strategies?

Successful NFT trading requires a comprehensive analysis of various elements, including market insights, rarity, artist reputation, and more. Even if you’re an art-loving collector, it’s helpful to inspect a collection’s market perception by examining key metrics. 

Notably, floor price, trading volume, and the number of traders offer essential insights. And with DappRadar, you can easily start doing your own data-driven research.

For instance, if you’re seeking NFTs with floor pierce between $1,000 and $2,000, utilize DappRadar to uncover potential options by applying the floor price filter. As shown in the image, Opepen, Remilio Babies, 0N1 Force, and Cool Cats are within our choices. 

Additional information can be paramount. High trading volume and a substantial number of traders often signify strong demand, optimal liquidity, and potential for swift transactions.

In our case study, Opepen stands out with its remarkable $7 million 30-day trading volume and a substantial number of traders. This trend underscores its heightened popularity and strong appeal within the NFT community.

Furthermore, a comparative analysis of this year’s data unveils ongoing trends, shedding light on which collections are experiencing shifts in popularity and traction. 

Observing the chart, it’s evident that Cool Cats’ floor price has experienced a consistent decline. Conversely, Opepen, Remilio Babies, and 0n1 have all displayed upward trends throughout 2023. This prompts us to delve deeper into the factors contributing to these trends.

To gain more insights, you can explore relevant news articles or conveniently refer to DappRadar’s comprehensive guide on prominent NFTs. We regularly update these guides to ensure you stay well-informed about the latest developments.

Here’s a list of guides on NFT collection that have gained substantial attention this year:

• Memeland
• Opepen
• Azuki
• Pudgy Penguins
• DeGods
• Art Blocks

Armed with these insights, you can make more informed decisions and navigate the NFT market with more confidence.

How to evaluate dapp engagement?

The landscape of dapps is evolving swiftly, and metaverse platforms are brimming with promise as they reshape online interactions. For instance, fashion brands utilized platforms like Decentraland for their Web3 catwalks, while Warner Music held a DJ talent contest in The Sandbox. Various virtual spaces are carving out unique niches to attract distinct audience groups. 

Whether your goal is to boost your brand, explore immersive social encounters, or create new content, joining a platform at random isn’t the way to go. Delving into data simplifies decision-making and ensures you’re on the right track.

Now, let’s explore a data-driven comparison, using The Sandbox and Decentraland as examples.

The Sandbox vs. Decentraland

Over the past year, Decentraland maintained a daily count of 593 active unique wallets, while The Sandbox had 473. This reveals a slightly higher UAW count for Decentraland, though not significantly.

However, in terms of transaction numbers, a more noticeable distinction emerges. Decentraland consistently records a higher transaction count than The Sandbox. On average, Decentraland sees 2495 daily transactions, whereas The Sandbox experiences a notably lower 210 transactions per day.

The above comparison is depicted through the charts below, which we generated using the PRO CSV download feature.

Furthermore, given the importance of NFTs, it’s crucial to delve into the transaction dynamics of their marketplaces. Comparing the past year’s NFT marketplace volumes, Decentraland outshines The Sandbox with $5.3 million compared to $841,000. This intuitively demonstrates Decentraland’s more vibrant virtual economy.

Go beyond the data

The divergence in transaction numbers between the platforms could be due to different transaction categorization methods. But it’s also plausible that Decentraland has a potentially higher level of user engagement.

Moreover, user experience differences are also at play. Decentraland boasts seamless navigation between its virtual worlds, while The Sandbox requires users to exit their current space before joining to a different one. 

In NFT trading, Decentraland users tend to spend more, possibly due to its social platform nature and users’ inclination to show off their virtual spaces.

However, remember that transaction volume alone isn’t the sole indicator. NFT rarity, user engagement, platform features, and community dynamics shape each platform’s NFT ecosystem. 

Continue monitoring market trends with DappRadar 

The examples demonstrated above are just a few cases of utilizing DappRadar data to obtain valuable market insights. We are continually enhancing and expanding our data offerings to empower users further. This ensures you’re equipped with the tools you need to capitalize on opportunities and navigate market fluctuations effectively.