The popularity of non-fungible tokens (NFTs) is showing little sign of slowing down despite the extraordinary market-wide crash that wiped more than $ 1 trillion off crypto market cap.
According to a report by the decentralized app marketplace DappRadar, the average number of NFT sales rose by almost 300% from 21,815 per day in January to 82,373 in May (so far). That number rose even further as crypto prices began to decline on May 12, and revenue soared to nearly 94,000 NFT transactions per day.
The crypto market crash that sparked widespread panic when nearly 1 million leverage trades were liquidated also resulted in serious congestion and exorbitant transaction fees across the Ethereum network.
These soaring gas fees haven’t stopped NFT traders from doing so, however, as many other marketplaces with alternative blockchains like the Atomic Market on the EOSIO blockchain turned to it. The daily transaction volume of 20,296 accounts is higher than any other NFT market (without the NBA Top Shot).
Although the number of trades increased, the value per trade was immediately impacted when crypto prices began to fall. During the first eleven days of May, an average of $ 14.9 million was traded per day. Since then, however, the volume has dropped to below $ 6 million per day. Many NFT owners seem poised to take a loss this month as the average token sale price drops from $ 180 to $ 70.
Retailers aren’t the only ones pushing through challenging market conditions.
Yesterday, the Internet trending platform Meme.com announced that it had raised $ 5 million for a new marketplace specifically focused on meme cryptocurrencies and NFTs. Ultimately, Meme.com developers plan to create a “CoinMarketCap for memetic content” with charts and timelines that allow users to compare each meme and trend. The company’s Instagram account already has 7.2 million followers
Investors in the platform include Outlier Ventures, the Digital Finance Group, Morningstar, Blockhype, Spark Digital Capital, the CEO of the mobile developer Altitude Games Gabby Dizon and the co-founder of Polygon, Sandeep Nailwal.