A leading analytics firm for dApps (decentralized applications), DappRadar, published a market report on July 5. The report indicated that blockchain gaming and NFTs ecosystems offered a silver lining during the previous quarter regardless of the harsh cryptocurrency winter that plagued the marketplace in 2022. Meanwhile, this presentation would keep users and investors optimistic about the dApp industry’s future.
Increased NFTs Demand in April-June
DappRadar’s report revealed NFTs saw increased demand in April & June. That comes regardless of the overall crypto market bloodbath plus the Terra ecosystem debacle. The recent reports discovered that (on a YoY basis) NFTs sales count and trading volume gained 59% and 533%, respectively, during 2022 Q2 compared to 2021 Q2 performance.
Though sales increased during the previous quarter, DappRadar also noted a slump in market volume over the reviewed period. Marketplaces’ volume (USD) has plummeted by 70% since May. Also, the volume declined by 55% during the timeframe when measured in Ether. Meanwhile, the NFTs market cap in ETH has surpassed five million $ETH, compensating for the decline. That shows an 8% slump since April and a 20% increase since May.
Moreover, DappRadar discovered that metaverse-based non-fungible token (NFT) collections, with a total 96% growth last quarter, ETH-base collections saw trading volume increasing by 101%. Polygon collections unfortunately dropped by 26%. Meanwhile, Ethereum’s NFT collection surged 2093%, while Polygon’s noted a 456% growth on a year-on-year basis in 2022 Q2 compared to 2021 Q2 performance.
Solana Leads the Pack
DappRadar reports show that the Solana Chain dominated with a 21% trading volume increase during the past quarter despite overall market retracements within the NFT sector. Avalanche followed with its trading volume surging 15% during the timeframe. Meanwhile, the period had BSC, Polygon, and Ethereum Chain suffering losses of 22%, 59%, and 41%, respectively.
What of Blue-Chip NFTs?
DappRadar confirmed most blue-chip collections noted value slumps over the previous quarter. For instance, BAYC (Bored Ape Yacht Club) dropped by 38% from April 30. Also, MAYC (Mutant Ape Yacht Club) lost 57% in floor price during the period.
The report attributed macroeconomic factors and new project releases such as Moonbirds and Goblin Town to BAYC and MAYC struggle. Meanwhile, most collections have recovered by June 18 and 19. DappRadar discovered the resurgence had Meebits floor price gaining 76%, CryptoPunks and Doodles 43% and 44%, while BAYC saw a 24% surge.