After becoming the hottest trend in fintech and crypto over the past few months, the NFT space transitioned to a cooldown phase. But this trend appears to be changing as well as the latest edition of the Dapp Industry Report by Dapp Radar suggested that the market is coming back to life.
Moonbirds, Otherdeed NFT Collections, Smash Records
According to the report shared with CryptoPotato, it’s the launch of two of the most anticipated collections that has ever revived the sector which has experienced a six-week cooldown. The first is the NFT Moonbrids project, which broke a long list of records by generating nearly $500 million in transactions. As noted in the report, strong demand for Pixel Owls fueled Moonbirds’ floor price rise above 30 ETH.
The recent Otherdeeds NFT drop, on the other hand, managed to generate $760 million in just 24-hours. However, it remained mired in controversy as high demand triggered unprecedented Ethereum fees upwards, causing chaos for the buyers. The creators of Bored Ape Yacht Club (BAYC), Yuga Labs, were criticized for failing to implement optimization checks before the launch.
Dapp Radar also said the drop pushed Ethereum’s burn rate to an all-time high since the implementation of EIP-1559. Additionally, the minting process burned nearly 56,000 ETH, or roughly 70% of all assets burned in the past week. Yuga Labs’ highly anticipated project single-handedly turned Ethereum into a deflationary asset, the market tracker has revealed.
In addition to Ethereum-based collections, the demand for Solana-based NFTs also saw a surge. The report mentioned that collections such as DeGods and Okay Bears managed to enter the top 30 most traded NFT ones in April.
The duo reportedly made $44 million and $23 million in sales, respectively. One of the main driving forces behind the increase in NFT activity on the layer 1 blockchain protocol has been the integration of OpenSea, which is expected to act as a catalyst to exponentially increase the visibility of these collectibles. digital.
Positioning Terra as a DeFi Juggernaut
The decentralized finance space has mellowed down since the price of cryptocurrencies tumbled. Dapp Radar observed that the sector showed positive signs as TVL has been decreasing at lower rates than the underlying cryptocurrencies. This essentially signaled room for growth. The Terra ecosystem is on the rise and trailing closely behind the leading behemoth – Ethereum.
From its controversial decision to commit to buying $10 billion worth of BTC to its collaboration with Avalanche, Terra has stayed afloat in the crypto headlines. Apart from that, less used networks such as Cronos, Aurora, and Near have slowly started to gain traction as downward pressure continues to affect DeFi. The report further stated,
The positioning of Terra as a DeFi juggernaut and the rise of networks like Avalanche, Cronos, and Near among solid options to lend, borrow, and earn passive yield paint a bullish outlook for the still completely relevant dapp category.”
