NFT market breaks new records in Aug., DeFi not far behind: report

By September 7, 2021NFT
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A recent report by research provider DappRadar offered extensive insight into the blockchain and crypto industry during the month of August, specifically mentioning the booming NFT market that continued to break records during that time.

The report mentioned that some of the NFT collectibles have exceeded $1 billion in market valuations. August also saw a rapid increase of blockchain-based play-to-earn games such as Axie Infinity, in turn increasing the popularity of Dapps.

In August alone, OpenSea generated a total of US$3.3 billion in transactions. Collectibles like CryptoPunks and Bored Ape Yacht Club (BAYC), which are considered as stores of value, have exceeded market valuation of $1 billion.

The popularity of play-to-earn was seen from Axie Infinity, after the game reported sales exceeding $1.7 billion, and it is still attracting more than 1 million players every day.

Meanwhile, tokens such as Cardano, Terra, and Solana hit record highs, while the latter two benefited from their strong performance in the DeFi field.

Key Figures

The DappRadar reported some of the important figures of the blockchain and crypto industry for the month of August.

In August, the Dapp industry registered more than 2 million unique active wallets every day, reporting an increase of 18.14% month-on-month and a year-on-year increase of 883%.

Binance Smart Chain has been one of the most active networks in the entire industry, with more than 1 million unique active wallets.

As mentioned above, the NFT field exploded, revealing a market value of over $14.27 billion. In August alone, Axie Infinity and OpenSea generated $433 million in revenue, which together accounted for 87% of Ethereum’s total revenue.

The total TVL of DeFi reached $142 billion, 68% of which are still concentrated on the Ethereum network, and the TVLs of Avalanche and Solana each exceeded $5 billion.

The usage of Ethereum has increasingly turned towards NFTs after DeFi unique active user wallets decreased by 17% and NFTs user wallets increased by 20%.

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