- NFTs recorded $ 10.7 billion in trading volume in the third quarter, up 704% from the previous quarter, according to DappRadar.
- The growth came from popular blockchain-based video games using NFT collectibles, with names like Axie Infinity and Splinterlands.
- Art also drove volume, with an ethereum-based image allegedly bought by Snoop Dogg for $ 3.9 million in September.
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NFT trading volume exploded in the third quarter, driven by popular blockchain-based games, according to a report by industry analyst firm DappRadar.
NFTs recorded $ 10.7 billion. In trading volume in the third quarter, an increase of 704% from the previous quarter, when the figure was below $ 2 billion. Much of that growth came from popular blockchain-based video games using NFT collectibles, with names like Axie Infinity and Splinterlands.
In addition to active users, the activity on these games is measured in the form of unique active wallets. On average, blockchain-based games attracted 754,000 unique active wallets each day during the third quarter, a jump of 140% over the second quarter. Axie Infinity, the most well-known game, broke 1.5 million active users during the quarter.
The games let players make money on NFTs won in the game, which can then be sold to others for payment in crypto in a model called play-to-earn.
In addition to games, art was also a leading volume engine.
The largest NFT collection sold in the third quarter was “Ringers 879,” a collection of abstract, geometric digital art that sold for a total of $ 5.7 million, or about 1,800 ethers. And an ether-based image called “Some A-hole” was allegedly bought by Snoop Dogg for $ 3.9 million in September.
DappRadar estimated that the total NFT market value, measured by the largest 100 collections as well as the NBA’s video clip NFT offerings, was around $ 14.2 billion. Dollars with potential surge effects for smaller joints.