NFT’s market consolidates as sales rise

  • DappRadar claims that the NFT market is in a period of consolidation, after getting off to a strong start this 2022.

Non fungibles tokens (NFT’s), cooled after getting off to a dynamic start in January, but their number of transactions continued to rise on networks outside of Ethereum (ETH), signifying an expanding market for NFT’s with adoption across the ecosystem. This was reported by DapppRadar in a report published a few days ago.

The NFT market generated around $12 billion in transactions during the first quarter of this year. And the number of sales as well as the number of traders also increased.

Platforms such as Avalanche (AVAX), Flow (FLOW), Polygon (MATIC) and Solana (SOL), have enabled NFT’s activity to grow outside of Ethereum, according to DappRadar’s report.

The increase in sales outside the Ethereum blockchain is, in the words of specialists, a positive sign for the NFT market. At Avalanche alone it increased by 582% over the previous quarter, while sales generated at Soalana and Polygon increased by 34% quarter-over-quarter.

Yuga Labs, the powerhouse behind Bored Ape Yacht Club (BAYC), raised a $450 million investment led by venture capital firm Andreessen Horowitz, in which Animoca Brands also participated, the report detailed.

Today, Yuga Labs’ NFT’s “represent 44% of the market capitalization of Ethereum’s top 100 NFT collections. No other group in the NFT’s market is even close in these terms of dominance.”

Finally, it was reported that last month, NFT’s generated nearly $31.4 billion in trades, 62% of which came from the LooksRare Marketplace.

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