Dappradar: blockchain industry grew 509% year-over-year as Games and NFTs are breaking records

The industry faces an exponential growth and astonishing results that have play-to-earn games and NFT’s popularity as responsibles for the phenomenon

A recent research made by Dappradar covering Q3 in the crypto market and blockchain universe stated that the blockchain industry grew 25% quarter-over-quarter and 509% year-over-year as gaming and NFTs have a big part in those increases. 


“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 and Terra”

-Modesta Jurgelevičienè, Head of Finance & Research at DappRadar

The survey corroborated those facts as it confirmed that the NFT space generated $10.67 billion in trading volume during Q3. According to Dappradar: “This represents an outstanding 704% increase from the previous quarter and a colossal 38,060% increase year-over-year. Simply remarkable.” 

Source: Dappradar

Also, the NFT market cap supported the value flow into the NFT segment with Top 100 Ethereum collections + NBA Top Shot estimated at $14.19 billion.

Source: Dappradar

The research said that the reason why the ascension of the NFT’s world is happening is more multi-factored than motivated by one event.

“There is not a single but multiple reasons behind the outstanding performance. The space is evolving completely. NFT projects are finding their way to become more than simple profile pictures. Furthermore, they are becoming brands. 

Renowned celebrities like Snoop Dogg, Shaquille O’Neal and Steve Aoki are amongst the latest members to join exclusive communities, further strengthening the social outlook of the NFT space.”

-Dappradar 

In the gaming industry some numbers caught attention: as Axie Infinity continues to grow exponentially becoming the game with the most traded NFT collection ever, surpassing $2 billion in historical trading volume, Splinterlands got the position of the most played dapps in the industry - its usage increased by 1,376% quarter-over-quarter and with a reach of 238,000 daily Unique Active Wallets (UAW) on average during September.

Source: Dappradar

Source: Dappradar

For the Head of Finance & Research at DappRadar, the key to understanding those numbers is in diversification. 

“Diversification means more use cases, and with more use cases comes greater adoption. The industry is branching out. More than just a basket of assets within a portfolio, crypto is beginning to infiltrate everyday life.”

-Modesta Jurgelevičienè, Head of Finance & Research at DappRadar

To see full results of the survey, click here

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