NFT’s transaction volume surpassed its historical ceiling of $ 1.5 billion. Ethereum and Binance Smart Chain are the blockchains most used by these applications.
According to a report that dates from early 2021, the DApps or decentralized applications industry grew by 639% in the last 12 months. The market evolution of non-fungible tokens (NFTs) and decentralized platforms (DeFi) were the main drivers of this advance.
The volume of transactions in the NFT market approached an all-time high with an excess of $ 1.5 billion in early 2021.
Ethereum and Binance Smart Chain (BSC) positioned themselves as the preferred blockchains for DApps developers. However, the high prices regarding operations on the Ethereum blockchain have led to the various platforms that operate decentralized applications to announce their expansion to other blockchains, according to a DappRadar report.
The applications show effectiveness for those users who find the current system slow and unmanageable. But most applications are essential to leave the verification to centralized systems at the hands of a corporation or controlled by a specific country.
The statistics Reflect Good Numbers
Although Ethereum duplicated its total insured value (TVL) in the first quarter of 2021, reaching a substantial sum of USD 54,000 million, BSC got to multiply it by 30 in that same period.
Several DeFi apps switched to Binance Smart Chain, Ethereum’s most significant competitor, during the first three months of 2021. Some of them are 1inch, Matcha, The Graph, bZx, and Alpha Hamora.
During this time, the total number of daily active wallets circled 458,000, of which 105,000 operate on Binance Smart Chain and 75,000 on Ethereum.On the other hand, NFTs and gaming DApps mostly went for Polygon or Flow, the cited source details.
Awesome Records for NFTs
In this first quarter of 2021, several NFT sales reached impressive records for this kind of transaction to date. NBA Top Shot DApp is an excellent demonstration of these records.
This NBA Top Shot DApp, which allows you to acquire tokens of the best plays of various teams in the American basketball league, reported the highest volume of transactions since its creation.
On the other hand, the record set by digital artist Beeple cannot be in omission. In March 2021, his work The First 5000 Days sold for $ 69,346,260 at Christie’s auction, which is the most significant sum ever paid for an NFT.
These days, a lot of participants are joining the use of decentralized applications. The social network Reddit, with more than 430 million users today, recently announced its partnership with the Ethereum Foundation to develop a DApp.
Thanks to this partnership, its users could access this technology to better interact on the well-known content and news platforms to improve their decisions regarding digital currencies and other highlights in the crypto world.
By: Jenson Nuñez
