The trading volumes of foremost NFT collections recorded over 300 percent increase over the past month, hitting a massive $1.2 billion, DappRadar, a Lithuania-based data tracking company, has revealed.
According to the tracking company, the over $1.2 billion raked in from sales by NFT companies is almost equivalent to 50 percent of the $2.5 billion cumulative sales volume in the first two quarters of 2021.
The firm also revealed that the dapp (decentralized applications) industry as a whole registered over 1.4 million daily unique users. This figure represents a 23.72% increase from the previous month.
Incidentally, the surge recorded by NFTs is coming after the market lost steam in the aftermath of its white hot first quarter. During the first quarter, it generated more than $1.5 billion in sales, its all time high transaction volume, putting it in a suitable position to provide a new way forward for sustainable growth in the industry.
The surge it experienced in July is not unconnected from the massive success of play-to-earn games like Axie Infinity. The blockchain-based game, which allows players to earn income in the form of tokens and other rewards by breeding, battling and trading digital pets called Axies, launched in 2018, and has taken off primarily in the Philippines, providing an alternative source of income for the population hard hit by the pandemic.
Last month, it became the most valuable NFT collection ever, surpassing perhaps the most recognizable marketplace of the sector, NBA Top Shot, with more than $830 million in trading volume ($600 million registered in July alone).
During the second week of July, Axie Infinity generated more protocol revenue, $35.8 million, than Ethereum and Bitcoin. Axie Infinitys governance token AXS is also one of the best performing digital assets year-to-date, posting a 431% price increase over the past 30 days and a 7089% growth since January, according to Messari