According to DappRadar’s quarterly blockchain industry report, the NFT space generated $10.67 billion in trading volume in the third quarter of 2021, a 704 percent increase over the previous quarter. The majority of this increase – 77.73 percent – was accounted for by Ethereum (ETH/USD). Ronin accounted for 19.53 percent of the total.
The blockchain industry has grown by 509 percent year on year.
The blockchain industry grew 509 percent year on year and 25 percent quarter on quarter in terms of Unique Active Wallets. In Q3/2021, it averaged 1.54 million daily UAW. The industry is still game-driven. The number of UAWs connected to game dapps increased by 140% quarter over quarter. DeFi-connected wallets were down 11%, while NFT-connected wallets were down 2%. In comparison to August, use increased in all categories.
As DeFi players, Solana, Terra, and Avalanche have consolidated.
The DeFi space is becoming even more competitive as a result of this consolidation. The industry’s TVL reached $178.12 billion, up 53.45 percent from the previous quarter.
Axie sets new records
In the third quarter of 2018, Axie (AXS/USD) Infinity became the most traded NFT collection in history. Its total trading volume surpassed $2 billion.
Skirmantas Janukas, CEO and co-founder of DappRadar, comments on the report’s findings:
The blockchain industry saw some impressive results in the last quarter — 25% UAW growth is no small feat. But it’s the developments, the shifting attitudes, and the new trends that have emerged in those three short months that really scream “dapps got game.” It’s your NFTs getting more useful, Snoop Dogg investing in metaverses, governments looking to tax play-to-earn, institutional-grade DeFi products, Bloombergs talking crypto like it’s everyday business… So much has happened on so many levels that as Q3 comes to a close, I feel the exhilaration of having climbed to the top of a mountain to survey the landscape ahead. Don’t worry about the market slump; this industry is on a roll.
Modesta Jurgeleviciene, DappRadar’s Head of Finance and Research, adds:
If I had to summarize Q3 in one word, it would be “diversification.” The play-to-earn movement became a key driver in the space, NFTs shifted to greater utility and secured record volumes, and the DeFi space became much more interesting and competitive with the likes of Solana (SOL/USD) and Terra (LUNA/USD). Diversification leads to more use cases, and more use cases lead to greater adoption. The industry is expanding. Crypto is becoming more than just a basket asset in a portfolio; it is permeating everyday life.