Will The Crypto Crash Pave The Way For A 5X Run Of NFTs In The Second Quarter?
Crypto traders are now keen on the analytics of the industry’s diverse sectors and NFTs in specific.
The transfer of NFTs on Ethereum surpasses the transfer of stable coins and ERC-20s.
The world of cryptocurrencies is continuously evolving and transiting across strategies. As the industry sails through vivid events, and economic turbulence. The recent plunge in the business has been persuading crypto folks to reconsider their tactics and analyze the myriad of industry offerings. As a result, traders from the crypto industry are now keen on the analytics of the industry’s diverse sectors.
That includes NFTs, metaverse projects, DeFis, DAOs, amongst others. The astounding rise of NFTs has caught the attention of the masses. Who are now keen on the analytics of the sprouting sector. Successively, the spike in the transfer of NFTs on Ethereum surpassing the transfer of stable coins and ERC-20s has turned heads of not one but many.
Are NFTs On The Verge Of Being An Ideal Choice Over Cryptocurrencies?
The ongoing economic imbalance has persuaded investors and traders to segregate their funds. That could help counter the adverse implications the business has to undergo in events of crisis. Wherefore, folks are now inclined towards non-fungible tokens, which are relatively less reactive to economic imbalances.
Successively, the market cap of NFT collectibles and individual assets at press time is around $6,211,496,893.69. Whilst the sales volume for 24-hours is down by 33.15% at $517,592.04. The total sales registered have taken a dip of 22.49% at 6,948. In the interim, the market cap of NFT related coins is down 16.83% at $31,707,830,429. On the other hand, the 24-hours trading volume is up 32.48% at $10,469,244,987.
According to DappRadar, the trading volume of NFTs is majorly held by OpenSea, which accounts for volumes of $122.12 M. OpenSea is followed by Looks Rare with volumes at $43.54 M, Blocto Bay stands third with $2.57 M. The fourth and fifth positions are held by Axie infinity and Crypto Punks at $2.03 M and $1.28 M respectively.
Consequently, Golden Friend has secured the first position in being the most expensive NFT to be sold at $1.3 M (496.69 WETH). The second place is bagged by BAYC #6583 for $309.13k (120 WETH). Followed by BAYC #4976 for $250.36k (95 ETH), BAYC #7390 for $244.56k (92.88 ETH), and CryptoPunk #5762 for $237.54k (88 ETH). The sum of money justifies the inclining interest revolving around NFTs.
The Growing Hegemony Of NFTs?
A report, cites that the transfer of NFTs on Ethereum has surpassed transfers of stable coins and altcoins, since the July of 2021. The daily transfers of Non-fungible tokens on the Ethereum network have exceeded 50,000 transfers on an average. Starting from late July, and have not faced south ever since.
While Ethereum runs at the forefront, other networks such as Solana and Avalanche have been leaving no stones unturned. On the other hand, a myriad of protocols have been leveling up the game. Protocols such as Polygon, Cardano, amongst others have been making their presence in news around NFTs.
Summing up, while the analytics have caught the wind of the market sentiments. NFTs will eventually rebound at a comparatively faster rate. With investors now looking forward to considering NFTs as an ideal investment option. It would not be wrong to expect a compounding rise in monetary numbers.