NFTs User Wallets Grew by Over 200%, Says August 2021 Dapp Industry Report

After a drop in May 2021, the industry is back on track. The Dapp industry registered more than 2 million daily unique wallets - an 18.14% increase from the previous month and an 883% increase year-over-year

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It was yet another record-breaking month in August 2021 for crypto and web3.

After a drop in May 2021, the industry is back on track, with the price of bitcoin having past the resistance level of $50,000. ETH has also surged on the back of NFT and DeFi activity, but also some gains were made in response to the London hard-fork which introduced the much anticipated token burn mechanism.

Over the month of August 2021, ETHER rose 35.10% as Ethereum burned over $500 million worth of tokens (147,759 ETH) in the wake of EIP-1559’s activation.

Other than the 2 leading tokens, Solana also flew high and closed the month at above 100$, after gaining more than 175% when compared to July 2021 prices.

The native coin of the Solana blockchain has continued its growth in the month of September 2021 coming close to hitting $200.

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SEE ALSO: NFT Sales Shoot Towards $2 Billion In August 2021 Fueled by CryptoPunks

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Here are the main takeaways from the Dapp side in August 2021:

  • The Dapp industry registered more than 2 million daily unique wallets – an 18.14% increase from the previous month and an 883% increase year-over-year
  • Ethereum’s NFT marketplace OpenSea generated $3.56 billion during August alone
  • Binance Smart Chain (BSC) continues to be among the most-used networks in the entire industry with over 1 million unique active wallets being driven by the play-to-earn paradigm
  • The NFT space exploded surpassing $14.27 billion in market cap
  • Hive, a blockchain gaming protocol, grew by 459% with over 224, 000 unique wallets – one of the most used protocols and the second-biggest increase in terms of adoption
  • Axie Infinity and OpenSea ($355 million and $78 million respectively) generated $433 million in revenues collectively representing 87% of Ethereum’s total revenue
  • The DeFi ecosystem’s TVL reached  $142 billion where 68% of it still concentrated on the Ethereum network. Avalanche and Solana made a solid entry with more than $5 billion locked
  • The usage in Ethereum is shifting towards NFTs as DeFi’s unique active user wallets decreased by 17%
  • Unique users interacting with NFTs increased by 202%

The rise in wallets using Dapps has been mainly driven by the rapid increase in the number of blockchain gamers.

According to DappRadar, the sector saw its usage increase by 17% when compared to July 2021. An estimated 880,000 unique gaming wallets interact with a smart contract on a daily basis.

The Binance Smart Chain offers the clearest example of the growth of gaming because for a protocol that initially relied on DeFi, it has now became home to more than 470,000 blockchain gamers.

Leading games fuelling this growth include:

  • Splinterlands – a Play-to-Earn game on Hive Blockchain
  • Alien Worlds – The second most played game attracting more than 580,000 unique wallets on the WAX blockchain

However, August 2021 belongs to NFTs which have fueled most of the activity.

Here are some starts regarding the mammoth growth of the sector, in a month that saw Visa acquire a Cryptopunk for $150,000

  • NFTs surpassed $5.29 billion in total sales volume – This represents a 315% increase month-over-month from July
  • A 1,103% increase compared to total NFT volumes from June 2021
  • A total of 5.6 million sales were registered – An increase of 22% from the numbers seen in July 2021

August 2021 was the month that the cryptocurrency industry weathered the effects from the May 2021 bitcoin crush with strong rebounds throughout crypto, DeFi, NFTs, and now gaming.

If this month is anything to go by, the next few months of the year should be very interesting.

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RECOMMENDED READING: The Blockchain Industry Saw a 639% Growth YoY and 2,627% Growth in NFTs in Q1, 2021 vs Q4, 2020, According to Latest Report

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