DappRadar report: NFT space generated $10.67B in trading volume during Q3

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

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:

Additionally, Head of Finance & Research at DappRadar, Modesta Jurgeleviciene, comments: