Current state of NFTs and blockchain-based gaming in 2021

December 27, 2021, 11:39AM EST

• 10 min read

Quick Take

  • This is a section from The Block Research’s published 2022 Digital Assets Outlook report
  • The total NFT trading volume surpassed $8.8 billion with Art and Collectibles contributing 59% and gaming NFTs comprising 41% of the volume
  • Blockchain-based games found a product-market fit with a new business model where game developers can oversee the entire cycle of in-game assets while earning fees from secondary market transactions and introduces users to the interoperability of their assets as well as potential in-game earnings
  • High gas fees forced NFT activity away from Ethereum on to other layer ones, sidechains, and layer two solutions

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