Blockchain Industry Expands 509% in a Year

Blockchain Industry Expands 509% in a Year

1.54 million user wallets connected on a daily basis in Q3 2021

According to the latest DappRadar Industry Report, the blockchain industry as a whole has seen a massive 509% increase in unique active wallets in the past year. In Q3 2021 blockchain protocols welcomed a daily average of 1.54 million unique active wallets, which represents a 25% increase compared to the previous quarter. 

Blockchain-based games and NFT collections have a big role in this expansion. Projects like Axie Infinity, which combine play-to-earn mechanics with NFT-based characters, have become the new go-to in the blockchain space. Additionally, the NFT space itself has seen a massive influx of both new collections and fan communities following them. Rising stars in DeFi like Solana, Terra, and Avalanche have pushed blockchain usage to unprecedented levels. The combination of these niches is what skyrocketed usage across the whole industry.

According to DappRadar’s Head of Research and Finance, Modesta Jurgelevičienė, the one-word description for the blockchain industry in Q3 is “diversification”.

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. 

With diversification come 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 Jurgelevičienė

Top performers in the blockchain industry

With so much happening in the space, it is almost impossible to single out top performers. However, some games and NFT collections stand out. Axie Infinity has kept its position as the leader in the play-to-earn space. The dapp attracted more than $374 million in volume in the past month alone. The game’s NFT collection is also outperforming main competitors with $514.7 million worth of sales in the past thirty days. This performance was also enhanced by the recent staking capabilities introduced on the platform. 

Other notable NFT collections that keep standing out as industry favorites include Art Blocks, Bored Ape Yacht Club, and CryptoPunks. However, Q3 also saw new additions rise to their level. Collections like Loot, and its numerous derivatives, the Mutant Apes, SupDucks, Sneaky Vampire Syndicate, and Galaxy Eggs all left their mark on the space in the past three months. 
It is no surprise that the NFT market cap for the top 100 Ethereum collections and NBA Top Shots is now estimated at $14.19 billion. For a more detailed breakdown of what happened in the blockchain industry in Q3, and further exploration of the growth of the gaming and NFT spaces, check out the full report here.

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