2021 Blockchain Reports: Momentum for 2022

2021 blockchain reports

2021 blockchain reports

Dappradar.com has released its industry report for Q3 2021 with the headline being total blockchain industry growth of 25% quarter-over-quarter and 509% year-over-year in terms of unique active wallets, reaching a quarterly average of 1.54 million. The report highlights both huge growth in the NFT and Dapp gaming sectors, as well as drastic shifts in the DeFi landscape.

Probably the most staggering figure in the report was that NFT trading was up not just 704% from last quarter but 38,060% year-over-year. Ethereum and Ronin accounted for a dominating 97.26% of that total volume. This growth was driven by a variety of factors in Q3. Major celebrity names such as Shaquille O’Neal, Snoop Dogg, and Steve Aoki have joined exclusive communities while established brands such Dolce & Gabbana and Burberry have released their own NFT collections. Combine that with household names like Visa and Sotheby’s creating news in the NFT space, and it has added an overall legitimacy to mainstream coverage of blockchain-related projects which in turn is leading to a demonstrable increase in the confidence of the average consumer.

The second major component of blockchain growth in Q3 was the P2E gaming sector. Axie Infinity led the way, surpassing 1.5 million active users and generating $776 million of revenue in Q3, far outpacing entire blockchains such as BSC and Bitcoin. The game also earned the distinction of becoming the first Dapp to surpass $2 billion in total trading volume. Other game titles driving growth were Splinterlands, which reached 238,000 UAW in September, and CryptoBlades, which held the title of the 3rd most played blockchain game for the month of August. As the intersection between NFT’s and gaming grows, and utility continues to be provided through these products, DappRadar sees potential for increased growth in this sector.

The 3rd quarter also saw large changes in the DeFi sector. Though Ethereum and BSC remain firmly in the top positions, Terra, Solana and Avalanche have consolidated as top chains. Q3 saw TVL rise 53.45% quarter-over-quarter to $178.12 billion, peaking at $195 billion in early September with 92.37% of that value being locked in the top 6 blockchains. While DeFi connected wallets did experience an 11% decrease in Q3, connections have been on a rising trend after suffering a drop-off in August.

Overall, the report showed a strong 3rd quarter of 2021, with a positive outlook for the blockchain industry at large. This outlook stems from the continued growth of both NFT’s and the P2E gaming sector as well as a strengthening of several positions in the DeFi markets.

Written by Scott Kaplan

For the full report click here.