Games become leaders among Dapps, while DeFi and NFT are losing ground

Games become leaders among Dapps, while DeFi and NFT are losing ground

The gaming industry is driving the growth of the decentralized blockchain applications (dapp) sector, while decentralized finance (DeFi) and non-fungible tokens (NFT) are losing ground.

After months of almost continuous growth, the number of unique active wallets associated with DeFi fell 11% in the third quarter of the current fiscal year, according to a new report from DappRadar. As for the unique wallets associated with NFT, compared to the previous quarter, their number decreased by only 2%.

But games, according to researchers, continue to drive the use of the blockchain industry, with the number of unique wallets connecting to gaming decentralized applications increased by a whopping 140% over the previous quarter.

DappRadar notes that while trading volumes in the NFT space are still growing and DeFi is gaining popularity, usage has declined in both categories, with a clear decline in decentralized DeFi app launches.

In contrast, gaming applications have made huge strides, especially Axie Infinity (AXS).

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According to the Sky Mavis studio, which created the game, the number of active users of Axie Infinity exceeded 1.5 million, and revenues exceeded $ 776 million. DappRadar noted that this figure outperforms blockchains such as Bitcoin and Binance Smart Chain.

Trading volumes were just as brilliant. Axie Infinity passed the $ 2 billion mark in absolute trading volume last month, which no other decentralized app has yet to match. Now this figure is approaching $ 2.2 billion.

For comparison, the NFT project CryptoPunks lags behind by $ 800 million.

Analysts suggest that the move to the Ronin sidechain, which she created on the Ethereum (ETH) blockchain, helped Axie Infinity do better.

DappRadar experts concluded that without the gaming industry, the NFT lag could be even greater:

NFT is one of the main pillars for blockchain gaming. Unlike traditional games, NFT gives blockchain players a true sense of ownership of in-game items. They have become a fundamental part of the NFT space as a whole.

The data in the report showed that in the third quarter, NFT in-game item trading volume brought in $ 2.3 billion, which is 22% of the total NFT trading volume for the quarter.

As for the DeFi space, it’s not all that bad – the total blocked value of the DeFi space is about $ 178 billion, with more than 92% of this amount being accounted for by six blockchains.

Existing decentralized DeFi apps appear to have solidified at the end of the previous quarter as the cumulative DeFi lockdown grew 104% on September 6, peaking at $ 195 billion.