KAUNAS, LITHUANIA / ACCESSWIRE / December 2, 2021 / Decentralized applications store DappRadar yesterday issued its November Dapp Industry Report, highlighting fresh records for the dapp space. Reflecting increased interest in metaverses after Facebook's rebranding, and announcements of celebrities and well-known brands entering this segment, blockchain-based virtual worlds scored a $4.6B market cap over the past month, marking a 228% increase against October. Gaming NFTs hit yet another record at over $1B in sales -- 71% up month-on-month, driven by an all-time high in usage at 1.2M unique active wallets interacting with play-to-earn dapps in November.

Metaverses' newly acquired popularity and fast-increasing blockchain gaming usage also saw tokens backing such projects make impressive gains in November, outperforming traditional cryptocurrencies during an especially volatile month. The Sandbox's utility and governance token SAND reached an all-time high of $8.40, increasing its price by 605% month-on-month, while Decentraland's native MANA rose by 277% and Somnium Space's CUBE pumped 151%.

"Gaming and gamification are infiltrating the NFT space in full force, challenging the popular -- and now almost traditional -- perception of NFTs as collectibles by adding utility and layering DeFi mechanics. It is games that now lead dapp usage too, and it is games that are the gateway into the metaverse. 2020 was The Year of DeFi, giving way to a 2021 for NFTs capped by virtual worlds. As these three categories converge and catalyze, 2022 will undoubtedly be The Year of the Metaverse," said DappRadar Head of Finance and Research Modesta Masoit.

Overall, NFTs, and specifically collectibles, continued their cooldown phase, with the space generating $3.8B in trading volume -- 15% short of October's figures despite a 9% increase in unique traders. The top 100 NFT collections across the Ethereum, Flow, BSC, Solana, and WAX protocols still achieved a record market cap at $18B, up 6.6% from October's record, in part driven by virtual worlds' market cap growth.

Similarly, the total value locked in the DeFi segment -- although overlooked during the predominantly metaverse-focused November -- grew 6% to reach $246B across protocols.

Ethereum maintained its lead accounting for more than half of DeFi's TVL, but growth across protocols signaled greater maturity and diversification for the industry. Notably, Avalanche saw a 88% monthly increase in unique active wallets, largely propelled by its DeFi offering, while Ava Labs increased its TVL by 55% to over $13B. Another 10 protocols surpassed $1.4B in TVL, with Arbitrum, Elrond, and Ronin the latest to reach this milestone.

The November 2021 Dapp Industry Report is the latest edition of DappRadar's regular monthly industry report -- the company's flagship report series covering the performance of the blockchain industry. Additional report series include the monthly Blockchain Gaming Report, Dapp User Behavior and Whale Analysis reports, as well as the bi-monthly New Dapps Report.

For the full November 2021 Dapp Industry Report, please visit

https://dappradar.com/blog/dapp-industry-overview-november-2021

About DappRadar:

As The World's Dapp Store, DappRadar enables its 1M+ monthly users to track, analyze, and discover over 8,000 decentralized applications across 25+ protocols, as well as manage their digital assets in response to market moves via comprehensive portfolio management tools and industry-leading data and reporting. The platform was founded in 2018 and has served the ecosystem as it found its fit into the world through the evolution of DeFi, NFTs, and gaming.

Contact:

Dan Edelstein
pr@marketacross.com

SOURCE: DappRadar

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