DappRadar, the leading analytics platform for decentralized applications (dapp), released its report on July 5th.The report said Despite the tough crypto winter that has plagued the year so far, the performance of the NFT and blockchain gaming ecosystem in the previous quarter provided a silvery backing. In addition, this performance makes investors and users optimistic about the future direction of the dapp industry.
Demand for NFTs increased between April and June
DappRadar said in its report that demand for NFTs recorded an increase from April to June, despite the bloody and collapsed Terra ecosystem that plagued the general crypto market. In addition, DappRadar found that, on a YoY basis, NFT trading volumes and sales increased 533% and 59% in the second quarter of 2022, respectively, compared to performance in the second quarter of 2021. did.
Despite the increase in sales in the previous quarter, DappRadar also confirmed a decline in market volume during the review period. Since May, market volume measured in US dollars has declined by 70%. When measured by ETH, the volume also decreased by 55% within the same period. To compensate for this decline, NFT’s market capitalization for ETH has exceeded 5 million ETH. This was an 8% decrease from April, but a 20% increase from May.
In addition, Metaverse-based NFT collection DappRadar grew 96% overall in the previous quarter, “ ETH-based collection trading volume increased 101%, but Polygon collection unfortunately decreased 26%. “. Year-over-year, ETH-based collections increased 2093%, while Polygon increased 456% in the second quarter of 2022 compared to performance in the second quarter of 2021.
Solana takes the initiative
According to the report, DappRadar said in the previous quarter that the Solana chain brought a 21% increase in trading volume despite the crypto market recession within the NFT ecosystem. After that, avalanches continued, and trading volume increased by 15% during the same period.
Within the same period, Ethereum, BSC, and polygon chains suffered 41%, 22%, and 59% losses, respectively.
How about a good NFT?
According to DappRadar, many good collections recorded a decline in value last quarter.For example, the lowest rate Boring Ape Yacht Club (BAYC) It decreased by 38% from April 30th. Within the same period Mutant Ape Yacht Club [MAYC] The minimum rate has dropped by 57%.
According to the report, this was caused by “a combination of capital market recession and macroeconomic trends associated with the release of new projects like Goblin Town and Moonbird.” By June 18th and 19th, most of the collections had been restored. “During this resurgence, Meebits’ minimum prices rose 76%, Doodles and CryptoPunks recovered 44% and 43%, and BAYC rose 24%,” said DappRadar.