NFT volume has tripled despite falling prices as raises $ 5 million

The popularity of non-fungible tokens or NFTs shows little sign of slowing down, despite the extraordinary crash of the entire crypto market that wiped out over $ 1 trillion from cryptocurrency market capitalization.

According to a market report on decentralized applications from DappRadar The average number of NFT sales increased nearly 300% from 21,815 per day in January to 82,373 in May (so far). That number continued to rise as cryptocurrency prices began to decline on May 12th. and revenue rose to nearly 94,000 NFT transactions per day.

The crash of the cryptocurrency market, causing a general panic when nearly a million leverage trades were liquidated, It also caused heavy congestion and exorbitant transaction fees across the Ethereum network.

NFT volume has tripled despite falling prices as raises $ 5 million
NFT volume has tripled despite falling prices as raises $ 5 million

However, These soaring gas prices haven’t stopped NFT traders from moving to other alternative blockchain markets, such as the nuclear market for the EOSIO blockchain. The daily trading volume of 20,296 accounts is greater than any other NFT market (excluding the NBA Top Shot).

The 5 largest NFT Marketplace transactions over time. Fountain: DappRadar

Although the number of transactions has increased, the per-transaction value was immediately impacted when cryptocurrency prices began to fall. However, for the first eleven days of May, daily trading averaged $ 14.9 million Since then, the volume has dropped to less than $ 6 million a day. Many NFT owners seem poised to take a loss this month as the median token retail price has dropped from $ 180 to $ 70.

Retailers aren’t the only ones struggling to navigate tough market conditions.

Yesterday, internet trending platform announced that it had raised $ 5 million for a new market specifically focused on cryptocurrencies and meme NFTs.Eventually, developers plan to create a “CoinMarketCap for memetic content”. with charts and timelines where users can compare each meme and trend. The company’s Instagram account already has 7.2 million followers.

The platform’s investors include Outlier Ventures, the Digital Finance Group, Morningstar, Blockhype, Spark Digital Capital, the CEO of the mobile developer Altitude Games, Gabby Dizon and Sandeep Nailwal, co-founder of Polygon.

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