- Some NFT projects have shown to be resilient despite the current market slump.
- ENS, Otherside, Moonbirds, BAYC, and Azuki are the top 5 most profitable NFT projects.
- NFT sector sees an almost 64% drop in trading volume.
Data from DappRadar shows that NFT transaction volume failed to exceed $1 billion, recording about $900 million, in July 2022. This is likely due to the lack of interest and investments flowing into the industry.
During the present market collapse, the top 5 NFT projects based on total profit/loss in Q2 of 2022 are Otherside, which has raked in $300.3 million, Moonbirds, which has raked in $224.7 million, Bored Ape Yacht Club, which has raked in $132.7 million, Azuki, which has raked in $35.8 million, and ENS, which has generated a profit of $32.3 million.
Seven of the top ten most successful NFT projects for Q2 2022 are PFP ventures, while one is a metaverse and two are utilities. In related developments, according to Block Research, the NFT industry had a 63.93% drop in trading volume of $12B from the first quarter’s $33B volume.
Furthermore, according to information provided by Dappradar, the daily trade volume on OpenSea, the most important NFT marketplace in the world, has increased by 99% over the course of the previous three months.
As the NFT market has matured and gotten more competitive, OpenSea’s dominance has certainly decreased. This is seen by the fact that volume has increased in X2Y2, Solana’s Magic Eden, and Ethereum’s Foundation, all of which are centered on NFT artworks.
In related developments, American hip hop legends Eminem and Snoop Dogg brought their bored apes to a VMA performance yesterday, a first of its, marking the mainframe media’s further foray into the world of blockchain.