Could DeFi Continue To Recover By Riding The New Wave Of NFTs
The spring of NFTs took the entire DeFi market by surprise, eventually leading to investors looking forward to the newest NFT project that will come out. And despite their fall, few NFTs managed to survive the market crash.
And that handful of NFTs has been able to significantly hold out against the bear market that is taking over most financial markets. And as the market is trying to make something of a recovery, the NFTs could possibly be making a major return.
The best part about the current state of the DeFi market is that investors can expect just about anything. And with the newest reports showing the progress that NFTs are currently making, investors should start brushing up their NFT collection.
Reports Show Incredible Survivability
A recent report by DappRadar shows that not only could the NFT market make something of a comeback, despite the volume of transactions keep falling. Through the process of natural selection, a lot of the clutter that saturates the NFT market has gone away. And the only thing that is now left is what investors are looking for.
The volume of sales for the NFT market has dropped significantly, seeing a decrease of at least 67% between the third and second trimesters. However, despite the volume of the transactions dropping, sales have been steadily increasing.
Recently sales rose to as high as 8.3%, with September being an especially good month for NFTs. Not only did the volume of transactions see a slight bump of 10.4%, but sales also managed to increase by an astounding 21%.
DappRadar managed to collect this data, which shows that interest in the NFT market is far from over.
Survival of the Best
The crypto market has seen an incredible disparity, which has brought about a very significant change in the market. Only some of the best and most notable cryptocurrencies will be able to make it out of the current market.
Similarly, the NFTs that were the most recognizable have been able to weather the storm of the bear market. So despite prices continuously falling, they are still holding on.
Furthermore, the NFT market is still seeing plenty of sales, especially with the most recent collection of <y00ts>. After dropping the latest collection, Transaction volumes managed to jump by 96% in a single month.
Pay to Earn is Still the Best Strategy
Pay-to-earn was the most popular way for many investors to get stack credits that would often allow them to buy their favorite tokens. As a result, many NFTs are still sticking to this model, even though there might not be enough people interested in NFTs right now.