After an approximately two-month fall in February and March, the NFT market looked to be on the mend in April, and now data from the whole month shows that organic NFT trade volume increased 45 percent in April relative to March.
DappRadar, a data analytics service, published its April Dapp Industry Report, which revealed over $3.8 billion in organic NFT trading volume throughout blockchain networks and markets. That’s a 45 percent increase from the $2.63 billion reported by DappRadar in March, and it’s near to a $3.87 billion reported in February.
Ethereum NFTs (non-fungible tokens) continue to rule the market and are the most valuable overall marketplace. With more than $3.4 billion in trading activity in April, OpenSea continues to command most of the trading volume. According to on-chain statistics provided by Dune, OpenSea experienced a 40% month-over-month spike in Ethereum NFT trading volume in April, as Decrypt reported earlier this week.
In April, Moonbirds, a profile image initiative by internet businessman Kevin Rose and his PROOF firm, was the largest Ethereum NFT project. The initiative, launched in April 2022, has already surpassed $500 million in secondary trade activity.
While Ethereum continues to dominate the market, it is not the only blockchain network that gained ground in April. According to DappRadar, the Solana NFT market increased by 91 percent month over month, reaching $295 million in volume for the month.
Okay Bears and DeGods led the fight for Solana projects, and the average transaction cost for a Solana NFT increased to around $350 last month. On Solana, Magic Eden continues to be the major NFT marketplace. However, in April, multi-chain marketplaces OpenSea and Rarible extended support for Solana NFTs, potentially enhancing the overall profile of this expanding sector.
DappRadar initially reported $25 billion in trading volume for the entire year of 2021, with an additional $12 billion in organic NFT trade in the first quarter of 2022.
Author: To The Verge Team
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