This year has been outstanding for DeFi platforms, with venture capitalists investing over $2.9 billion into top NFT dApps and other blockchain projects. From play-to-earn to NFTs, the crypto market as a whole continues its race to worldwide success.
NFT dApps, a top domain of interest
Surprisingly, some of the top investors worldwide have started supporting the DeFi sector financially this year. In fact, even major financiers such as Real Vision CEO Raoul Pal decided to join the trend too.
Although DeFi dApps have been around for years, they’ve never appealed to the general public as they do now. Truth be told, NFT trading and play-to-earn game mechanics are the main reasons behind this major shift.
DappRadar CEO Skirmantas Januskas confirms that NFTs made DeFi dApps available to a much broader audience:
“This year, NFTs gave the Ethereum blockchain the energy boost it needed to reach a new ATH. They also brought on some healthy competition,” he says. “NFTs — and with them, games and virtual worlds — made everything more tangible and accessible. No longer are we in the abstract and financial jargon-ridden world of trading. Surprisingly, the dApp space is evolving into a complete ecosystem that anyone can now enter.”
Play-to-earn games are going mainstream
For example, let’s look at one of the most popular play-to-earn games, Axie Infinity. Over $2.89 billion worth of Axie Infinity Shards (AXS) is actually staked into the Axie Infinity AXS staking contract. This impressive achievement is about 30% of the total circulating supply of AXS – rewarding each staker with even more AXS.
Skirmantas admits that DeFi groups have been dreaming about this huge success for a long time. Now, it has all become a reality thanks to the NFT craze:
“We spent years trying to pull people into blockchain dApps, and it was games and NFTs that did it, and they did it in only a few months. Investors old and — more importantly — new are now buying land, art, avatars, wearables, things with utility and a passive income possibility, rather than buying into ICOs or tokens backing projects they don’t necessarily fully understand,” the DappRadar CEO said.