Avalanche, Layer 1 Tokens Soared in November as Ethereum Fees Drove Competition

“The amount of hype, as well as projects being built in the metaverse, gaming and NFT spaces, is bullish for these blockchains that are designed to build dApps on top of,” said Alexandre Lores, an analyst at Quantum Economics. NFT refers to non-fungible tokens, which can represent interest in property, clothing, weapons or other items within games and virtual-reality worlds. A dApp is a decentralized application built atop a blockchain, such as automated cryptocurrency lending and trading platforms.