Blockchain games and NFTs were the driving force behind Dapp’s launch in the third quarter, according to Dappradar. In his overview of the third quarter of 2021, Dappradar said that the importance of these new activities in the crypto industry has increased significantly, making the space in the development process more diverse and competitive. . DeFi is also getting a boost in adoption as platforms like Solana and Terra mature to accommodate more projects.
NFT and Play to Earn are key in the third quarter
NFT and Game Play to Earn were important to the crypto industry in the last quarter. Dappradar reports that the sector has overtaken decentralized applications in individual active wallets, evidence of the current prevalence of this trend.
The play-to-earn movement attracted more than 754,000 daily unique active wallets in the third quarter, offering more activity than other established DeFi protocols. This increase is partly due to Axie Infinity’s impressive results last quarter when the company had sales of more than $ 1.6 billion. The NFT sector also saw unprecedented growth, up 704% qoq.
The reason for all of this industry boom has to do with the direction the market is headed, which adds value to diversification. This is the opinion of Modesta Jurgelevičienè, Head of Finance & Research at DappRadar, he says:
“If I sum up Q3 in one word, it would be ‘diversification’. The play-to-earn movement has become a major driver in space, NFT towards greater utility and record volume generation, DeFi space is becoming more exciting and competitive with the involvement of Solana and Terra.
Overall, this brought a breath of fresh air to the market at the time, as prices fell more than 50% from May last year.
While Ethereum is the undisputed leader in this market, two other blockchains have aggressively entered the market as challengers. Solana achieved a Total Locked Value (TVL) of $ 8.28 billion for the quarter, up 1,300% from the previous quarter. Additionally, Terra has slowly made itself known by adopting protocols like Anchor, which offer 20% APY against stablecoin deposits. Terras TVL was $ 8.09 billion, up 137% from the previous quarter.
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According to NewsBitcoin