NFT, GameFi sectors show optimistic trends: DappRadar

Despite a promising tone, the global macroeconomic environment affected and influenced the crypto market, which suffered several damaging corrections. The same can be said for the NFT market.

However, new data suggests that NFT business is still in demand.

High demand for NFTs

In Q3, NFT trading volume rose to $2.71 billion and was down 67% from the previous quarter. But there has been an increase of 8.3% in the sales figure from Q2. This was revealed by the latest edition of the DappRadar Industry Report.

NFT trading volume rose by 10.4% in September alone compared to the previous month. Furthermore, the sales figure increased by 21%, which indicates that the NFT business is still in demand. The overall drop in trading volume, on the other hand, may have been contributed by the decline in the values ​​of the cryptocurrency market.

The report also revealed that NFT trade volume on Ethereum has fallen by 76% from Q2, but the number of NFT trades increased by 11%. Solana’s NFT trading volume has witnessed a 96% uptrend from last month, but was still down 63% from Q2.

Driving the latter’s growth was the launch of the y00ts collection, which gave Ethereum NFTs a run for their money. It managed to eclipse NFT giant OpenSea volume charts even after a month of launch and collected 435,000 SOL or almost $15 million in secondary sales.

Next to y00ts, Renga happens to be another collection that has taken over the NFT market.

The bear market saw severe stagnation in the space, but the blue chips like – Yuga Labs: OtherSide, Bored Ape Yacht Club, Mutant Ape Yacht Club and CryptoPunks have maintained their dominance. The four projects account for over 46.21% of NFT’s entire market value.

Financial benefits of GameFi

Blockchain-based games have been largely unaffected and have continued to be profitable. The vertical’s unique address wallet increased 8% to 912K compared to August, signaling an upward trend. DappRadar stated,

“This is an optimistic indication for blockchain gaming as many have assumed that if gaming dapps stop being financially beneficial to the average user, they will lose the majority of their player base. That turned out to be false.”