NFT Market Recovering Thanks to Moonbirds and Solana NFT

Source: Adobe / Oksana Trygub

After a six-week cooling off period that began in mid-February, the Market non-replaceable tokens (NFT) Increase in activity throughout the month of April. Popular NFT group moon birds And an increase in demand for Solana (SOL) were the main drivers.

According to a data aggregator report DappRadar shared with Cryptonews.comIn April, the NFT market recorded a monthly trading volume of $6.3 billion for the third time in its history, up 23% from March.

In addition, the report states that Moonbirds, the first NFT launch of PROOF Collective by tech entrepreneur Kevin Rose, a private group of only 1,000 dedicated NFT collectors and artists, further contributed to the recovery of the NFT market, generating nearly 500 million dollars. exchanges.

In early May, moon birds It is ranked as the 11th most traded NFT group of all time, outperforming major projects such as Meebits, Doodles and Cool Cats. While there has been some controversy surrounding the project, demand for split owls has remained strong, helping to keep the initial set price above 28 ETH ($81,944).

Increasing demand for NFT based in Solana

Another important factor is the increased demand for Solana-based NFTs. According to DappRadar, Solana’s NFT trading volume increased by 91% month over month, resulting in nearly $300 million in sales. In addition, the average selling price of Solana’s NFTs increased by $350.

Solana-based groups like DeGods and Okay Bears posted $44 million and $23 million in trading activity, respectively, making their way to the top 30 most-traded NFT group in April.

The growing demand for NFTs on Solana is not surprising. After the NFT OpenSea marketplace added support for the Solana blockchain, NFTs on Solana were expected to see an increase.

“The upside for NFT on Solana can be attributed in part to the network’s integration with OpenSea, as the NFT market significantly increases the visibility of NFTs,” said DappRadar.

Additionally, other experiments were held at another Yoga Lab on April 30 (US time) that would serve as plotting actions in the next metaverse. the other side From the company, it is one of the largest and most anticipated NFT launches.

DappRadar said that “The Otherdeeds minting leaves the NFT market with a bittersweet experience.” “On the one hand, it’s impressive to see the awareness that Yuga Labs created it as a Web3 brand in just one year, becoming one of the most unique communities in the world.”

Although the group brought in more than $340 million in APE generated from the coins, the decline also became notable for the massive gas war it created, which resulted in $4.5 million lost in fees for failed transactions, as well as more than 55,000 ETH burned.

The report argues that the team could have done things differently to prevent 14,000 failed transactions, resulting in an estimated loss of millions of dollars.

Meanwhile, there are NFT developments on other fronts as well. Cryptocurrency exchange Queen Piece NFT has opened its market to all users, revealing the news late yesterday.

However, Coinbase’s NFT market has had a slow start so far. According to data from Dune Analytics, Coinbase NFT recorded a total of 150 transactions on Wednesday and only 56 transactions so far on Thursday, compared to 47,213 by OpenSea and 852 by LooksRare. In terms of US dollar volume, Coinbase NFT reported $74,736 in deals Wednesday, compared to $141 million in OpenSea and $69.4 million in LooksRare.

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to know more:
Otherdeed’s NFT sale cuts 25% off
DeFi transactions at 1-year low, NFTs and gaming standing strong
– OpenSea now supports Solana-based NFTs in beta
– NFT Market Shows Signs of Maturity as Sales Expand Beyond Ethereum
Kraken enters NFT game waiting list for new multi-chain market
– Acceptable transaction fee level according to Buterin

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