Source: Adobe / Parilov
The gaming industry is driving growth in the blockchain-powered decentralized applications (dapp) sector with decentralized finance (DeFi) and non-fungible tokens (NFT) losing ground, according to a new report.
After months of almost continuous growth, the number of unique active wallets (UAWs) associated with DeFi plunged 11% in the second quarter of the current financial year third quarter, it said. DappRadar in your new report. UAWs tied to NFT experienced a less than 2% drop from the prior quarter.
But games continue to drive usage within the blockchain industry, the company claimed, with UAWs “plugging into game dapps” increasing by 140% quarter-on-quarter.
While the report’s authors noted that commercial volumes continued to increase in the NFT space and DeFi enjoyed “higher availability,” “usage decreased” in “both categories,” while “there is a clear decrease in the launch of dapps DeFi “. . “
By contrast, gaming companies have made great strides, particularly the Axie Infinity (AXS) title.
According to its manufacturer Sky mavis , Axie Infinity has now “surpassed 1.5 million active users” and generated “more than $ 776 million in revenue,” a figure that DappRadar noted, “easily” surpassed “entire blockchains such as Binance Smart Chain. and Bitcoin “.
Trade volumes were equally meteoric. Last month, Axie Infinity surpassed the $ 2 billion mark for all-time trading volume, a feat no other dapp has matched thus far. The game’s trading volume is now approaching the $ 2.2 billion mark.
“To put that in perspective,” commented DappRadar, “the closest collection is CryptoPunks , with a delay of 800 million dollars “.
The firm hinted that the change to the Ronin side chain that he has created on the Ethereum (ETH) blockchain has helped Axie Infinity on its way to greater success.
And DappRadar seemed to suggest that without the games industry, NFTs could lag further behind.
The company wrote:
“NFTs are one of the main backbones of blockchain games. Unlike traditional games, NFT allows blockchain players a true sense of ownership [de] your game elements. And they have become a fundamental part of the NFT space as a whole. “
Data in the report showed that in the third quarter, NFT in-game items “generated $ 2.3 billion in trading volume,” a figure that represents a whopping 22% of total NFT volume for the quarter.
But it was certainly not all doom and gloom for the DeFi space.
The DeFi space has a total value of 178 billion US dollars locked, although more than 92% of that value is “locked” in just “six blockchains”. However, existing DeFi dapps appear to have gained ground at the end of the previous quarter, since the cumulative number of DeFi sector locks has grown “by 104%, reaching a peak of $ 195 billion on September 6.”
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