NFT trading volume explodes 704% in the 3rd quarter as blockchain games catch fire | Currency News | Financial and Business News

Image of NFT game Axie Infinity
Image of NFT game Axie Infinity.

  • NFTs registered $10.7 billion in third-quarter trading volume, a 704% increase from the previous quarter, according to DappRadar.
  • Growth came from popular blockchain-based video games that use NFT collectibles, with names like Axie Infinity and Splinterlands.
  • Art also drove volume, with one ethereum-based image reportedly bought by Snoop Dogg for $3.9 million in September.
  • See more stories on Insider’s business page.

NFT trading volume exploded in the third quarter, fueled by popular blockchain-based games, according to a report by industry analyst firm DappRadar.

NFTs registered $10.7 billion in third-quarter trading volume, a 704% increase from the previous quarter when the tally was under $2 billion. Much of that growth came from popular blockchain-based video games that use NFT collectibles, with names like Axie Infinity and Splinterlands.

In addition to active users, activity on these games is measured in terms of unique active wallets. On average, blockchain-based games attracted 754,000 unique active wallets each day during the third quarter, a 140% leap over the second quarter. Axie Infinity, the best-known game, broke 1.5 million active users over the span of the quarter.

The games let players earn money from NFTs won in-game, which can then be sold to others for payment in crypto in a model called play-to-earn.

Beyond games, art was also a top driver of volume.

The biggest NFT collection sold in the third quarter was “Ringers 879,” a collection of abstract, geometric digital art that sold for a combined $5.7 million, or around 1,800 ether. And an ethereum-based image called “Some A–hole” was reportedly bought by Snoop Dogg for $3.9 million in September.

DappRadar estimated that the overall NFT market cap, measured by the biggest 100 collections as well as the NBA’s video-clip NFT offering, was around $14.2 billion, with potential spillover effects for smaller collections.

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