Wednesday, November 29, 2023

NFT Games Outperform DEFI Amid Market Selloff: Report

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The NFT games outperform Defi amid the major market selloff and the user adoption also increased during the bear season aggravated by the macroeconomic situation and the Terra collapse so let’s read more today in our latest cryptocurrency news.

Dapp discovery and analysis platform DappRadar released a detailed report that analyzed the state of the market in May and covered three areas like NFT activities, Defi, and crypto gaming, saying that the Terra debacle didn’t destroy the overall DeFi systems. The NFT games outperform DeFi while trading volume was down 6% from April if measured in the token prices and the interest in blockcahin games remained sturdy.

According to the DappRadar report, Defiwas the most beaten-down sector, and the industry had a total of $117 million in TVL which is 45% below what it was back in April. Among the DEFi protocols, Tron was the only network that recorded a positive number of TVL with an increase of 47% while the rest major projects all experienced declines. Despite the weakness sparked by Terra’s collapse, the report stated that the sector is far from dead because it hit an 11% YOY growth in terms of TVL while the dominant decentralized Uniswap reached the landmark of $1 trillion in transaction volume the same month.

Value Locked In DEFI Erased, eth, dominance, TVL

NFT transaction volume dropped 20% month-over-month which is measured in USD but the number will have come down to 6% If seen in the native token of the NFTs and shows that the bear market didn’t have a shake out of people’s convictions in the sector. It’s worth noting that the Solana NFT generated $335 million across the marketplaces and grew 13% from April and defied all markets odds. Despite the crashed floor prices, the NFT space didn’t lose momentum as the new protocols continued to attract volume from investors.

In terms of marketplaces, OpenSea’s dominance dropped along with the rising competition derived from the Solana-based Magic Eden and more. The Coinbase marketplace was seen as a “failed experiment” since it generated $2.5 million since launching in April. The report also noted that despite the recent contraction in the NFT space, the rapidly growing sector was in a consolidation stage since it peaked in January and the engagement with the non-crypto native population changed the current crypto landscape.

The exposure that the blockchain industry got from the NFTs puts today’s market in a different position than the crypto winter in 2018. in those days the levels of engagement and enthusiasm in the industry were quite low while the mainstream media kept calling for the NFt bubble to burst and the market conditions in the NFT space disagree.

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