According to a recent report published by and dapp information provider DappRadar, non-fungible token (NFT) trading volumes cooled down from a hot January start, but the number of trades increased significantly in networks outside Ethereum (ETH), indicating an expanding NFT market with broadening adoption across the ecosystem.
According to the business, the NFT market is currently in a consolidation phase following a historical start date of 2022. NFTs generated almost USD 12 billion in trades in the first quarter of this year, with the number of sales and unique traders on the rise.
Last month, the NFT space generated USD 31.4 billion in trades, with the LooksRare marketplace accounting for 62 percent of that total.
“To offer a more realistic comparison, the NFT market excluding LooksRare activity generated [USD] 12 billion in Q1, down significantly by 2% from the amounts recorded in Q4 2021,” DappRadar says.
According to the survey, NFT activity in blockchains other than Ethereum, such as Avalanche (AVAX), Flow (FLOW), Polygon (MATIC), and Solana (SOL), is increasing.
Another encouraging sign for the NFT industry is the increase in the number of sales taking place on blockchains other than Ethereum. When compared to the previous quarter, the number of deals on Avalanche increased by 582 percent, while sales on Solana and Polygon increased by 34 percent.
DappRadar came to the conclusion that the NFT space is maturing as a result of this.
“The most popular Ethereum NFT projects have a well-established market that may be out of reach for most people.” As a result, it’s encouraging to see that NFTs on other networks are catching up, indicating that NFT usage is only getting started,” according to the firm.
Yuga Labs, the brains behind the Bored Ape Yacht Club (BAYC), raised a USD 450 million investment spearheaded by venture capital firm Andreessen Horowitz (a16z) and Animoca Brands between January and March 2022. According to DappRadar.
“Earlier in March, the BAYC designers made news when they acquired the IP of CryptoPunks and Meebits, two of the most popular NFT collections previously owned by Larva Labs. According to the research, “the move elevated Yuga Labs as one of the most relevant brands in Web3.”
“No other organisation in the NFT field is even close in terms of domination,” Yuga Labs NFTs claimed, adding that they “represent 44 percent of Ethereum’s Top 100 NFT collections market cap.”
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