- Major VCs invested more than $4 billion in this area in 2021.
- A record $23 billion was spent on NFTs this year.
New records have been specified by DappRadar’s annual Dapp Industry Report, which was issued today. Compared to 2020, this year’s growth in the blockchain industry was sevenfold, with more than two million daily active wallets connected to Dapps.
A record $23 billion was spent on NFTs this year, thanks to celebrities, sports teams, and major corporations. A 500% spike in price and a $16.7 billion value for the top 100 virtual land holdings resulted from Facebook’s rebranding as Meta.
As a result of Axie Infinity’s play-to-earn revolution, 1.4 million people engaged with games Dapps daily, which is nearly half of the industry’s use. Major VCs invested more than $4 billion in this area in 2021 because of its social relevance in underdeveloped countries like the Philippines and Venezuela.
DappRadar Head of Finance and Research Modesta Masoit:
“We’ve seen crucial progression in the Dapp space this year, placing us on the cusp of mass adoption. While 2020 was ‘The Year of DeFi’, 2021 is certainly ‘The Year of NFTs’, with gaming thrown in in bulk over the last quarter. As these three categories converge, 2022 will, I expect, come to be known as ‘The Year of the Metaverse’, with project supporting and helping navigate this complex, cross-chain and cross-category paradigm stealing the spotlight.”
Recent Obstacles Had Negligible Impact
Despite recent exchange breaches and chilling regulation, there has been a seven-fold rise in total value locked in the sector year-on-year, reaching $200 billion in 2021. Third-place finisher Avalanche and second-place finisher BSC rounded out the top three, with TVL totals of $22.75 billion and $12.48 billion, respectively. Avalanche and Solana are separated by Terra, which comes in at number four.
With $27 billion invested in cryptocurrencies and blockchain businesses, this was a record-breaking year for the blockchain industry. The mainstreaming of Dapps and the entry of major companies into the market suggests that Dapps will soon become a daily part of people’s lives.
Monthly industry assessments from DappRadar analyzes the blockchain industry’s progress in the 2021 Dapp Industry Report. The monthly Blockchain Gaming Report and the bi-weekly New Dapps Report are also available.
