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Despite the market’s “sickness”, Moonbirds and Solana “rescued” the NFT market in a visible phase. Moonbirds contributed half a billion USD in trading volume in April, and trading volume on Solana is up 91% month over month.
— Decrypt (@decryptmedia) May 5, 2022
According to the April report of DappRadar, the NFT market seems to be on the rise again after having been flat for almost two months. The multi-month trading volume peaked at $6.3 billion in April, up 23% from the previous month and officially hitting the $6 billion mark for the third time in history.
In which, Moonbirds, a popular NFT project in the past month, contributed 500 million USD. Although Ethereum is still dominating the market, it is still not the only blockchain that has helped the NFT market successfully “avoid the storm” in the past month. According to DappRadarSolana NFT market reached $300 million in trading volume, up 91% month-on-month.
Many new NFT projects also contributed to this success, especially Otherdeed, which raised $760 million in 24 hours. The success of Otherdeed was mixed with joy and sadness as it “pumped” gas fees of up to 2.5 Ether (ETH) at mint time. Despite predicting the hotness of the sale, no one could have predicted that this event would “crash” Etherscan.
The sale of expensive blue chip NFTs like Bored Apes accounts for the majority of NFT trading volume. The majority of individual NFT transactions are not for extremely expensive assets, but for small-scale purchases. According to Chainalysismore than 90% of all NFT spending last month was spent buying items that cost at least $10,000 in crypto.
According to the report of Chainalysis, Q4/2021 recorded 627,000 unique wallet addresses trading NFT. That number grew to 950,000 in the first quarter of 2022 and as of May 1 to 491,000. This looks to be another record quarter for NFT trading.
The rise of NFT on Solana caused the blockchain to crash for more than 8 hours on May 1, forcing the development team to block the NFT trading bot so it could restart.
While the NFT market has recovered significantly, the total value locked (TVL) in decentralized finance has decreased by 12% due to significant market volatility. However, Terra defied the general trend, continuing to increase TVL 15%, with a total of $30 billion locked in the protocol.
The “sick” market still hasn’t stopped the expansion of DeFi, especially to ecosystems beyond the Ethereum blockchain. Ethereum’s TVL dominance has dropped from 94% a year ago to 59% in the past month.
Blockchain game continued to “slowly” go up in April despite many historic hacks such as the Axie Infinity Ronin bridge being “gutted” 622 million USD. Gaming DApps account for 52% of the industry’s only active wallets. Major gaming blockchains like Polygon and BNB Chain also top the on-chain activity charts.
So at least for now, the numbers don’t lie, the data above attests that the NFT market is alive and even up to now, continually attracting new capital from community than ever before.
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