Non-Fungible Token sales in the third quarter (July-September) amounted to 10.7 billion dollars, more than 700% compared to the previous quarter, a DappRadar report revealed on Friday.
The report cited record-breaking August as the reason behind NFT’s explosive growth. August alone saw a total of $5.2 billion in trading volume, most of which came from the NFT marketplace OpenSea.
Additionally, out of the total figure, Ethereum and Ronin accounted for 77.73% and 19.53% of the total transaction volume.
DappRadar’s report suggested multiple reasons for the driving growth behind NFT sales, including NFT projects becoming brands for celebrities and luxury fashion brands.
Celebrities like Snoop Dogg, Shaquille O’Neal, Messi, Naomi Osaka, Doja Cat, and Steve Aoki have recently joined the NFT communities with fashion brands like Gucci, Louis Vuitton, D&G, and Burberry launching their own digital collectibles.
Growth in NFT is a part of the broader blockchain industry which has seen 25% quarter-over-quarter and 509% year-over-year growth. The number of Unique Active Wallets (UAW) rose by 25% during the third quarter, bringing the quarter average to 1.54 million UAW.
Behind the surging volume in UAWs was the growing popularity of blockchain games, with the sector comprising 750,000 daily UAW, recording a 140% growth from the previous quarter.
Modesta Jurgelevičienè, Head of Finance & Research at DappRadar, said:
“If I were to sum up Q3 in a single word, it would be “diversification”. The play-to-earn movement became a key driver in the space, NFTs turned towards greater utility and secured record volumes, and the DeFi space got a lot more interesting and competitive with the likes of Solana and Terra.”
Under the gaming category, P2E game Axie Infinity broke several records after becoming the most traded NFT collection ever, surpassing a whopping $2 billion in trading volume. The game’s developer Sky Mavis recently concluded the Series B funding round after raising approximately $ 150 million, taking its corporate valuation to $3 billion.