Report: 17.2 Million Active Wallets for DApps in Q3 2024, NFT Transactions Plunge 60%

Decentralised applications (DApps) reportedly surged in the third quarter of 2024 on the back of growth in AI adoption, according to a DappRadar report. The average daily active wallets (UAWs) reached 17.2 million, up 70 per cent from the previous quarter.

AI-related DApps were the standout performers, with average daily active wallets reaching 4.3 million, up 71 per cent. Key players include Data Intelligence Network (DIN) and Alaya AI. DIN reached 1 million average daily active wallets last quarter, while Alaya remained stable at 100,000.

Decentralised Finance (DeFi) application activity declined, with Total Value of Locked Positions (TVL) falling from $168bn to $160bn, and the Ether Network declining by 20% to $95bn. sui and Aptos outperformed, with TVL increasing by 78% to $1.6bn and $1.3bn, respectively.

NFT industry volume plummeted 60% to $1.6bn, with sales down 23% to 11.5m. openSea volume rebounded to $570m to become the dominant platform, while Blur and Magic Eden volume fell sharply.

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