📁State of the Dapp Industry Q1 2025

The first quarter of 2025 kicked off with mixed signals for the dapp industry.

While daily unique active wallets (dUAW) slightly declined by 3%, innovation across key verticals - especially AI, Social, and RWAs - continued to push the space forward.

Key Takeaways:

🔎 The dapp industry recorded 24 million daily unique active wallets (dUAW) in Q1 2025, reflecting a 3% dip from the previous quarter.

🔎 AI dapps surged 29% QoQ, reaching 2.6M dUAW, while Social dapps grew 10% to 2.8M dUAW.

🔎 DeFi’s TVL plunged 27% to $156 billion, hit hard by macro uncertainty and the $1.4 billion Bybit exploit.

🔎 The NFT market shrank to $1.5 billion in trading volume, down 24%, while sales dropped 10%, suggesting declining average sale values rather than user exodus.

🔎 PFPs held 56% dominance in NFT trading volume, but Real World Assets (RWAs)—led by Courtyard—emerged as a breakout trend with growing market share.

🔎 Over $2B was lost in hacks and scams, including high-profile meme coin collapses (LIBRA, MELANIA) and exchange breaches (Bybit, Phemex).

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📄Insights from Newzoo’s 2025 Report

Here are the key takeaways you don’t want to miss:

🔎 Market Outlook:
• PC remains stable, with slight growth driven by free-to-play (F2P) noscripts.
• Console revenue growth is expected to surge with GTA VI and the Nintendo Switch 2.
• The future of gaming will depend on shifts in share growth, not just new game releases.

🔎 Playtime Trends:
• Overall playtime is growing, but hours are becoming concentrated in AAA noscripts, with intense competition for audience time.
• Post-pandemic, players are engaging with fewer noscripts, challenging new games to meet sales targets.
• F2P games continue to dominate but suffer from high player churn. New noscripts must combine strong IP and engaging gameplay to succeed.

🔎 Special Topics:
• Recursive Nostalgia: Big games are leveraging nostalgic content to keep players engaged.
• Steam Visibility: Discoverability on Steam has become more challenging; off-platform traffic is growing in importance.

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