The NFT Comeback: Highlights from April
April brought a breath of fresh air to the weary non-fungible token (NFT) landscape, shaking off a six-week hibernation. Thanks to heavyweights like Solana and Moonbirds, the market recorded a jaw-dropping trading volume of $6.3 billion, marking a significant 23% increase from March. This isn’t just breaking records; it’s dancing on top of them! We haven’t seen such a high for months, and it’s only the third time we’ve hit that elusive $6 billion mark in NFT history.
Moonbirds and Solana: The Dynamic Duo
Moonbirds emerged like a superhero from a comic book, contributing about $500 million to the monthly trading volume. Meanwhile, Solana’s blockchain flexed its muscles with nearly $300 million in trades. This represents an eye-popping increase of 91% month-over-month. These two forces joined hands to show that the NFT realm still has plenty of life left in it.
New Blood in the Market
The influx of new hyped projects was another key factor propelling this trading volume. Among them, Otherdeeds generated a staggering $760 million in a mere 24 hours. Talk about a quick cash-in! However, this success came at a cost, with gas fees spiking to up to 2.5 Ether (ETH), leaving some minting enthusiasts feeling a bit light-headed.
Active Wallets on the Rise
The monthly report also highlighted a slight increase in daily unique wallets interacting with decentralized applications (dApps), climbing to 2.36 million—a modest 0.2% rise from March. Leading the charge in wallet connections were BNB Chain and Wax, boasting impressive averages of 568,000 and 492,000 active daily wallets, respectively.
DeFi Landscape: A Mixed Bag
While the NFT market danced its way to recovery, the decentralized finance (DeFi) sector faced some turbulence, with total value locked (TVL) dipping by 12% due to unpredictable token values. On the flip side, Terra defied the odds and saw a 15% increase in TVL dominance, hoarding a solid $30 billion within its protocol.
Ethereum’s Changing Landscape
Despite ups and downs, DeFi is pushing forward, expanding beyond the Ethereum blockchain. The once-mighty Ethereum saw its TVL dominance decline from a staggering 94% last year to a mere 59% in April. Change is in the air, and it’s looking for new ventures!
Gaming DApps Continue to Shine
Lastly, let’s not forget gaming DApps, which kept their title as market dominators, even after troublesome incidents such as the Axie Infinity Ronin bridge hack. These games attracted a whopping 52% of the industry’s unique active wallets, with prominent platforms like Polygon and BNB Chain leading the charge in on-chain activity. It seems the gaming world does not take a break!
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