NFT and Crypto Games Outperformed DeFi in May: Report
6/12/2022, 08:11 AM
According to DappRadar’s report, the DeFi sector is far from dead, despite the recent collapse of the Terra protocol. The report states that the sector has achieved an 11% year-on-year growth in terms of Total Locked Value (TLV). Moreover, the dominant decentralized exchange Uniswap reached the landmark of $1 trillion transaction volume in the same month.
The report also found that NFT transaction volume dropped 20% month-on-month when measured in USD. However, the number would have come down to 6% if viewed in the native tokens of the NFTs. This shows that the bear market did not fundamentally shake out people’s convictions in the sector.
It is worth noting that Solana NFTs generated $335 million across all marketplaces, growing 13% from April, defying the overall market condition. Despite the plunged floor prices of blue-chipped projects like BAYC and MAYC, the NFT space did not lose momentum as new protocols continue to attract volume from investors
The report also found that NFT transaction volume dropped 20% month-on-month when measured in USD. However, the number would have come down to 6% if viewed in the native tokens of the NFTs. This shows that the bear market did not fundamentally shake out people’s convictions in the sector.
It is worth noting that Solana NFTs generated $335 million across all marketplaces, growing 13% from April, defying the overall market condition. Despite the plunged floor prices of blue-chipped projects like BAYC and MAYC, the NFT space did not lose momentum as new protocols continue to attract volume from investors