According to the recent figures for the third quarter of 2021, the sales of non-fungible tokens (NFTs) have reportedly increased to $10.7 billion. The data, which was provided by the data acquisition and analysis company, DappRadar, showed that this increase equated to a spike of roughly 704% from the previous quarter. It has been found that the key driver behind the incremental growth of the crypto industry is the play-to-earn (P2E) movement.
Axie Infinity
According to the data, the most traded NFT collection has come from the NFT-based video game Axie Infinity. It has been found that Axie Infinity crossed the record high of $2billion in trading volume. Axie Infinity is continuing to perform well even after it was shifted to the Ronin sidechain blockchain. The currency trading volume of Axie Infinity is around $2.18 billion. The second most traded NFT collection, CryptoPunks, was lagging behind by $800 million.
Currently, there are around 1.5 million active users on the game. It has been able to generate more than $776 million in revenue, thereby surpassing the blockchains like Bitcoin and BSC.
The DappRadar report suggests that a new movement is emerging in the form of GameFi revolution, which is created by the combination of games with NFT. The wallets which were connected to NFT and DeFi decreased by 2% and 11%, respectively. On the other hand, wallets that were connected to game Dapps saw an increase of 140% from the last quarter. This indicates that games are driving the usage of NFTs within the crypto industry.
