April NFT Market: Solana and Moonbirds help market reach $6.3 billion in trading volume

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2022-05-10 08:20:20

Solana and Moonbirds shouldered both the NFT trading market in April after a six-week rally.

According to DappRadar’s monthly report, the NFT market recorded its highest trading volume in April reaching $6.3 billion, up 23% from March and touching $6 billion for the third time in history. .

Monthly NFT trading volume chart

The two NFT brands that contributed the most to this number were Solana and Moonbirds. Specifically, batch drop NFT Moonbirds contributed half a billion dollars to April trading volume, while Solana recorded $300 million in trades, a 91% increase in NFT volume over the previous month.

Many new NFT projects also contribute to the growing trading volume of this market. The special case of Otherdeeds can be mentioned. Yuga Lab’s virtual lands project launch generated $760 million within 24 hours. However, it must be added that the success of this event caused a lot of controversy as it resulted in gas fees being pushed up to 2.5 Ether (ETH) at the time of mining.

See also: Yuga Lab’s shocking virtual land launch event

Meanwhile, cryptocurrency exchange Coinbase has officially launched the NFT marketplace. However, Coinbase’s market got off to a slow start. According to Dune Analytics data, Coinbase NFT recorded a total of 150 transactions on Wednesday and just 56 follow-up transactions to date compared to OpenSea’s 47,213. Coinbase NFT recorded a total transaction value of $74,736 in its first days, a modest figure compared to OpenSea’s $141 million and LookRare’s $69.4 million.

The number of daily active wallets interacting with decentralized applications reached 2.36 million in April, a slight increase of 0.2% compared to the same period last month. BNB Chain and Wax have the highest average number of connected wallets, 568,000 and 492,000 daily active wallets, respectively.

While the NFT market has recovered significantly, the total value locked in decentralized finance is down 12% due to volatile token prices. However, Terra defied the general market trend to record a 15% increase in TVL dominance, with a total of $30 billion locked in the protocol.

Falling TVL and fluctuating token prices do not prevent the DeFi market from continuing to expand with new registered ecosystems growing in numbers beyond the Ethereum blockchain. Domination TVL of Ethereum has dropped from 94% to 59% in just the past year and is increasing at an accelerating rate.

Statistical chart of TVL April 2022

Blockchain games continued to dominate in April despite shocking bad news like the hack of the Ronin bridge by Axie Infinity. Gaming decentralized applications make up 52% ​​of the industry’s only active wallets. Major gaming blockchain networks like Polygon and BNB Chain continue to top the on-chain activity charts.

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