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Play-to-Earn NFT Trading Volume Sets Record $1 Billion

play-to-earn nft trading volume record 1 billion

Hype surrounding the metaverse increased trading volume 71%

While gaming NFTs were sleeping giants in the industry a few months back, the play-to-earn sector now broke a record $1 billion in NFT trading volume. In November trading volume increased 71% compared to the month before. 

Users spent 71% more money on NFT game items in November. The gaming market has now been good for more than $1.08 billion in NFT trading volume. Axie Infinity and Farmers World on the Wax blockchain have been two of the heavy hitters. 

In November NFT trading was down 15% to $3.76 billion. However, the number of people involved increased 9% to more than 4.5 million traders. In the Dapp Industry Report: November 2021 DappRadar highlights Wax and Solana as blockchains with clear growth. Solana grew its NFT trading volume 211% month-over-month, while Wax recorded 108% growth.

The total value of the top 100 NFT collections now stands at $18 billion, an increase of 6.6% when compared to the record set in October. This increase was mainly driven by the hype surrounding virtual land. Virtual land became 228% more valuable in November. 

At the same time play-to-earn gaming has been responsible for almost half of all the blockchain activity. In November this market segment attracted over 1.2 million daily unique wallets. Alien Worlds, Splinterlands and Axie Infinity continue to dominate the charts, while CryptoMines, Bomb Crypto and Mobox highlight the popularity of GameFi products on BSC. 

Gaming and gamification are infiltrating the NFT space in full force, challenging the popular — and now almost traditional — perception of NFTs as collectibles by adding utility and layering DeFi mechanics. It is games that now lead dapp usage too, and it is games that are the gateway into the metaverse. 2020 was The Year of DeFi, giving way to a 2021 for NFTs capped by virtual worlds. As these three categories converge and catalyze, 2022 will undoubtedly be The Year of the Metaverse,” said DappRadar Head of Finance and Research Modesta Masoit. 

New November report out now

DappRadar has published the Dapp Industry Overview: November 2021. It’s the latest overview of the entire dapp industry, highlighting trends and developments backed up with on-chain data. The dapp industry continues to expand across different verticals in November 2021. Boosted by the metaverse narrative, the usage of play-to-earn dapps, and the value of virtual lands on the rise, the industry maintains its upwards momentum. Read the entire report here.

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