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According to DappRadar’s quarterly blockchain industry report, the NFT space generated $10.67 billion in trading volume during the third quarter of 2021, which is up by 704% from the previous quarter. Ethereum (ETH/USD) accounted for the majority of this increase – 77.73%. Ronin accounted for 19.53%.
Blockchain industry up 509% y/y
In terms of Unique Active Wallets, the blockchain industry grew 509% year-on-year and 25% quarter-on-quarter. In Q3/2021, it reached 1.54 million daily UAW on average. The industry remains game-driven. The number of UAWs connected to game dapps grew by 140% quarter-on-quarter. DeFi connected wallets dropped by 11%, and NFT connected wallets dropped by 2%. Compared to August, use was positive in all categories.
Solana, Terra, Avalanche consolidate as DeFi players
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With this consolidation, the DeFi space is getting even more competitive. The TVL in the industry reached $178.12 billion, up by 53.45% from the previous quarter.
Axie breaks records
In Q3, Axie (AXS/USD) Infinity became the most traded NFT collection in history. It passed $2 billion in total trading volume.
Commenting on the findings of the report, Skirmantas Januškas, CEO and co-founder of DappRadar, says:
The blockchain industry saw quite some results in the past quarter — 25% UAW growth is no mean feat. But it’s the developments, the attitudes changing, the new trends emerging in those three short months that really scream “dapps got game”. It’s your NFTs getting greater utility, your Snoop Doggs buying into metaverses, your governments looking to tax play-to-earn, your institutional-grade DeFi products, your Bloombergs talking crypto like it’s everyday business…so much has happened on so many levels that as we wrap Q3, I have that crisp sense of exhilaration of having climbed atop a mountain to look over the landscape mapped ahead. Don’t mind the market slump, this industry is on a roll.
Additionally, Head of Finance & Research at DappRadar, Modesta Jurgeleviciene, comments:
If I were to sum up Q3 in a single word, it would be “diversification”. The play-to-earn movement became a key driver in the space, NFTs turned towards greater utility and secured record volumes, and the DeFi space got a lot more interesting and competitive with the likes of Solana (SOL/USD) and Terra (LUNA/USD). With diversification come more use cases, and with more use cases comes greater adoption. The industry is branching out. More than just a basket asset within a portfolio, crypto is beginning to infiltrate everyday life.