The non-fungible token (NFT) market has calmed down a bit since its heyday, but that doesn’t mean the industry is dead. On the contrary, it is far from it.
NFT revenue reached $3.7 billion in May, according to the latest industry report from DappRadar on Wednesday. Although volumes are down 20 percent compared to April, activity in the industry remains resilient given the cryptocurrency market as a whole. in a bear market.
DappRadar also highlighted the fact that volume in the markets hasn’t fallen nearly as much when measured against native tokens, such as Ether (ETH), measures. A prime example: OpenSea, the largest NFT market, recorded a trading volume of 950,000 ETH last month, down just 6.5 percent compared to April. Measured in US dollars, OpenSea’s monthly volume is down 25 percent.
In the meantime you have Best trading month for Solana NFTs and achieved $335 million in volume across all markets. This corresponds to an increase of 13 percent compared to April.
The DappRadar report cites NFT clusters like Solana’s Moonbirds and Okay Bears as the biggest drivers of the industry’s strong performance in May. The NFT Goblintown Collection It has generated $31 million in sales since its launch on May 22nd. The high demand caused the minimum project price to increase from 0 to 6 ETH.
Notable NFT groups, such as Boredom Monkey Yacht Club (BAYC), but some have lost value as well as buyers turn to new and fun collections. The minimum BAYC price fell 38 percent from 150 ETH to 93 ETH in May, according to DappRadar.
While NFTs are not immune to the volatility of the cryptocurrency markets, the industry has carved a strong niche for itself and is gaining acceptance from the masses. According to a recent report by crypto data provider CoinGecko, the NFT market is expected to be created More than 800 billion dollars reach.