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- As per a latest report, NFT space might disassociate from the monetary market in a similar way art has disengaged from S&P 500.
- Entire NFT market volume bumped 45% to $10 Billion from $18 Billion. Majorly because of the plunge in blue chip collections.
- Meanwhile, a light at the end of the tunnel for gaming has been the flow of VCs into this category.
NFT And Crypto Gaming Are Intact
Turbulence in the market and collapse of Terra in the previous month did leave dApps unscathed, but appears like the skies of the ecosystem are getting clear of the dark clouds, as per a report from DappRadar.
Bad but better than last year appeared to be a theme across decentralized app categories, with NFTs still holding their ground.
The entire trade volume of NFT space plunged 45% to $10 Billion, down from $18 Billion, shedding $8 Billion from the market. This was majorly because of the fact that blue chip collections had to travel a rocky road.
For instance, BAYC floor value saw a decline of 38% in the month of May, from 150 ETH to 93.
But this has proven to be a boon for the latest collections such as Otherdeeds, land parcels for the Bored Ape metaverse Otherdside, and Goblintown, which experienced an extreme surge in their trade volume, surpassing BAYC.
Crypto Gaming Shooting Green
Meanwhile, good news for gaming is that venture capitalists have increased the flow of funds in the sector.
Dapper Labs released a $725 Million fund to spur growth on the Flow Blockchain and a16z released its GAME ONE FUND, which will make an investment of $600 Million in the metaverse gaming sector.
The entire market turbulence means that DeFi got the hardest blow in dApp category, as per DappRadar. TVL across the DeFi ecosystem plunged by 45%, still up by 11% in contrast to the previous year.
The report highlights that Arbitrum, Optimism, Near and Polygon seem poised to pick up market share as applications leaving the Terra ecosystem.
Meanwhile, Tron (TRX) was the only blockchain traced by DappRadar who experienced a fine growth, with an increased TVL by 47%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
