After becoming the hottest trend in FinTech and Crypto over the past few months, NFT Space has entered the cool-down phase. However, this trend seems to be changing, and the latest version of Dapp Industry Report by Dapp Radar suggests that the market is reviving.
Moonbirds, Otherdeed NFT Collection, Smash Records
According to the report shared with CryptoPotatoIt was the launch of two of the most anticipated collections to date, reviving the sector that experienced a six-week cooldown. The first was the NFT project Moonbrids, which generated nearly $ 500 million in transactions and broke the long list of records. As stated in the report, strong demand for pixelated owls has raised Moonbird’s lowest price by more than 30 ETH.
Meanwhile, the recent decline in Otherdeeds NFTs has generated $ 760 million in just 24 hours. However, it continued to be controversial as high demand caused unprecedented rises in Ethereum prices and caused confusion for buyers. Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), was criticized for not implementing optimization checks prior to launch.
Dapp Radar also states that this decline has led to a record high for Ethereum’s burning rate since the implementation of EIP-1559. In addition, the minting process burned approximately 56,000 ETH. This represents about 70% of all assets burned in the past week. Yuga Labs’ long-awaited project turned Ethereum into a deflationary asset on its own, revealing a market tracker.
In addition to the Ethereum-based collection, demand for Solana-based NFTs has skyrocketed. According to the report, collections such as De Gods and Okay Bears were among the top 30 most traded NFTs in April.
The duo reportedly sold $ 44 million and $ 23 million, respectively. One of the main drivers of increased NFT activity in the Layer 1 blockchain protocol was the OpenSea integration, which is expected to act as a catalyst to dramatically improve the visibility of these digital collections.
Position Terra as a DeFi Jaguar Note
The decentralized financial space has regained calm since the price of cryptocurrencies fell. Dapp Radar has observed that this sector is showing positive signs as TVL is declining at a lower rate than the underlying cryptocurrency. This essentially shows room for growth. The Terra ecosystem continues to rise, just behind the major giant Ethereum.
From the controversial move to buy $ 10 billion worth of BTC to the collaboration with Avalanche, Terra has come to the forefront of crypto.Apart from that, the following underutilized networks As downward pressure continued to affect DeFi, Cronos, Aurora, and Near slowly began to gain traction. The report further states:
Positioning Terra as a DeFi Jaguar Note, with the rise of networks such as Avalanche, Cronos, and Near among the solid options for renting, borrowing, and earning passive yields, it’s still a bullish in the fully relevant dapp category. The outlook is drawn. “
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