- DappRadar’s annual report on the blockchain industry details an expanding metaverse of opportunity.
- Blockchain games generated a whopping $4.5 billion for in-game NFTs.
- The report also says NFT sales crossed $23 billion this year.
DappRadar’s annual Blockchain industry report indicates that the blockchain gaming-driven metaverse generated over $4.5 billion for in-game NFTs. The industry is gaining interest from the mainstream gaming market with the likes of Ubisoft launching their own NFT platforms to offer in-game items.
This week, renowned video game developer Peter Molyneux also joined the expanding metaverse with his company 22Cans teaming up with Blockchain gaming platform Gala Games.
The influx of activity both from industry stalwarts and celebrities helped propel overall NFT sales above $23 billion, according to the report. The top 100 NFT collections were reported to have a base market cap of $16.7 billion.
The report also shows that the DeFi space soared seven times with the likes of Solana, Terra, and Avalanche rivalling Ethereum and driving the total value locked (TVL) above $200 billion. However, the pioneer open-source blockchain platform is still the market leader accounting for about 60% of the TVL.
The Binance Smart Chain was second with a TVL of about $22.75 billion, while Avalanche ranked third with $12.48 billion TVL.
Blockchain gaming platform Axie Infinity continued to dominate the space with 1.4 million daily interactions, or about 49% of the overall gaming dApp space.
The rising popularity of blockchain gaming attracted upwards of $4 billion in funding from venture capital firms. Overall, the blockchain industry (including cryptocurrencies) received more than $27 billion from venture capital firms.
Blockchain gaming developers Bright Star Studios and MonkeyBall are among the latest platforms to benefit from an influx of venture capital funding after completing successful funding rounds.
Commenting on the report, DappRadar Head of Finance and Research Modesta Masoit said, “We’ve seen crucial progression in the dApp space this year, placing us on the cusp of mass adoption. While 2020 was ‘The Year of DeFi’, 2021 is certainly ‘The Year of NFTs’, with gaming thrown in in bulk over the last quarter.”
Masoit expects the integration of the three segments in 2022, ushering in what he calls ‘The Year of the Metaverse’. As a result, he expects projects offering cross-chain and cross-category support to thrive during this paradigm shift.
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