Solana And Moonbirds Contribute To The NFT Market's $6.5 Bln Monthly Trading Volume

2022-05-06 | Selina Mathew

Solana And Moonbirds Contribute To The NFT Market's $6.5 Bln Monthly Trading Volume

In April, Moonbirds generated $500 million in trading activity, while Solana saw a 91 percent increase in NFT trading volume month over month.

After a six-week cooling period, Solana and Moonbirds came to the rescue of the negative non fungible token market in April.

According to DappRadar's monthly report, the NFT market reached a multi month trading volume high of $6.5 billion in April, up 23 percent from March and only the third time in the market's existence.

Moonbirds accounted for $500 million in trading activity, while the Solana blockchain saw approximately $300 million in NFT deals, an increase of 91 percent month over month.

Many new touted NFT initiatives, including Others Deeds, which made $760 million in less than 24 hours, contributed to the rising trading volume. Otherdeeds' success was bittersweet because it resulted in hefty gas fees of up to 2.5 Ether (ETH) at the time of minting.

In April, the number of daily unique active wallets engaging with decentralized apps reached 2.36 million, up 0.2 percent from March. With 568,000 and 492,000 daily unique active wallets, respectively, BNB Chain and Wax had the largest average number of wallets linked.

The DeFi market continued to thrive despite falling TVLs and unpredictable token values, with the ecosystem showing extraordinary development outside the Ethereum network. The TVL dominance of Ethereum has dropped from 94 percent a year ago to 59 percent in April.

Despite big breaches like the compromise of Axie Infinity's Ronin bridge, blockchain games maintained their popularity in April. Gaming DApps accounted for 52% of all active wallets in the sector. On-chain activity was also dominated by major gaming blockchain networks like Polygon and BNB Chain.

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