NFT Sales Top $1.2 Billion In July As Demand For Blockchain Games Soars

Forbes

After a blazing start to 2021, the market for non-fungible tokens had started to decline. However, … [+] it is climbing back up on the backs of popular online games.

getty

Trading volumes of top NFT collections such as Axie Infinity, CryptoPunks and ArtBlocks have increased by more than 300% over the past month, according to DappRadar, a Lithuania-based data tracking company. The surge comes after the market had lost steam following the white hot first quarter, which saw a record-high transaction volume, generating more than $1.5 billion in sales, and could provide a new way forward for sustainable growth in the industry.

How To Get Free Crypto  

In July, NFTs raked in over $1.2 billion in sales – almost a half of the $2.5 billion cumulative sales volume in the first two quarters of 2021 – and the dapp (decentralized applications) industry as a whole registered more than 1.4 million daily unique users, a 23.72% increase from the previous month, the firm’s latest report shows.

In July, NFTs raked in over $1.2 billion in sales.

DappRadar

Much of the boost is attributed to the success of play-to-earn games such as Axie Infinity, a blockchain-based game that allows players to earn income in the form of tokens and other rewards by breeding, battling and trading digital pets called Axies. The game, launched in 2018, has taken off primarily in the Philippines, providing an alternative source of income for the population hard hit by the pandemic. 

MORE FOR YOU

Last month, it became the most valuable NFT collection ever, surpassing perhaps the most recognizable marketplace of the sector, NBA Top Shot, with more than $830 million in trading volume ($600 million registered in July alone). During the second week of July, Axie Infinity even generated more protocol revenue, $35.8 million, than Ethereum and Bitcoin. Axie Infinity’s governance token AXS is also one of the best performing digital assets year-to-date, posting a 431% price increase over the past 30 days and a 7089% growth since January, according to Messari.

AXS price year-to-date

Messari

Other similar games with income generation opportunities are also taking off on Ethereum’s blockchain rival, Binance Smart Chain (BSC). According to DappRadar, BSC is now the most used network in the industry with more than 658,000 unique users in July; second and third places belong to WAX and Ethereum with 336,000 and 105,000 unique users respectively. BSC-based play-to-earn game CryptoBlades has become the second most used decentralized application behind decentralized exchange PancakeSwap, generating over $92 million in more than 50 million transactions in its first days.

Coinbase Banner  

“With trading volumes skyrocketing, gaming collectibles are hands down the stars of the past month,” wrote Dragos Dunica, CDO & co-founder of DappRadar, in an e-mailed comment to Forbes. “Visits to games-related pages increased eightfold in July alone, and the number of unique active wallets we’re tracking on all the games doubled to ~740K. As we plunge deeper into the metaverse, blockchain gaming is set for meteoric growth.” 

Among other notable milestones of July, the largest marketplace for non-fungible tokens, OpenSea, raised $100 million from an array of high-profile investors including Andreessen Horowitz (a16z), Coatue and Kevin Durant at a $1.5 billion valuation. In addition, beverage giant Coca-Cola has recently auctioned its first ever NFT collection, joining the growing number of mainstream brands experimenting with digital collectibles.

Go to Source
Author: Nina Bambysheva, Senior Contributor


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.