Kaunas, Lithuania, June 22, 2022, Chainwire
DappRadarthe global app store for decentralized apps that makes it easy for users to track online dapps activity, has revealed that the NFT space is defying the emergence of crypto winter, with popular blue chip collections such as CryptoPunks, Meebits and RTFKT – CloneX Mintvial enjoying substantial floor price gains of at least 40% over the weekend.
The results, taken from the new publication Flash Dapp Report for June 2022come at a time when the value of crypto is plummeting and suggest that the blockchain industry is much more than just token prices.
In fact, the bear market turned out to be a golden buying opportunity for NFT collectors. With Ethereum’s price falling below $1,000 last week, down 77% from its all-time high, the economic barrier to entry into the NFT market has become much lower. Collectors are rushing to take advantage of the lower prices, which is boosting trading activity considerably compared to previous weeks.
The report bodes well for the future of NFTs, even amid the seemingly endless blues of the bear market. NFTs are a kind of digital art and many investors believe they represent great value, similar to how traditional art is considered a safe, long-standing investment by wealth managers and funds. As the crypto has been in decline since December 2021, blue chip NFTs have become a cultural phenomenon, with a growing number of collectors seeing the value in their utility as in-game assets, pint passes and more.
For example, the popular CryptoPunks collection saw 90 transactions over the two weekend days, having barely hit double digits earlier in the month. Another popular collection, Meebits, jumped to an average of 20 transactions per day over the weekend, from less than five transactions in the first two weeks of June.
With increased trading activity, the USD price floor of some of the most sought after NFT collections has skyrocketed. Collections such as BAYC, RTFKT – CloneX Mintvial, CryptoPunks, Meebits and Doodles all saw their price floor increase by at least 20% over the weekend, compared to the previous week.
The report reveals that NFTs have even become more popular than cryptocurrencies in Google Trends. As crypto crashes head lower amid expectations of a long crypto winter, NFTs are trending with many investors seeing them as a safer bet. NFT searches on Google Trends have consistently outpaced crypto searches since December 2021.
Founded in 2018, DappRadar is The World’s Dapp Store: a global store of decentralized applications (dapps), which enables its base of more than one million monthly users to easily track, analyze and discover the dapp activity through its online platform. The platform currently hosts over 10,000 dapps across more than 30 protocols and offers a plethora of consumer-friendly tools, including comprehensive NFT rating, portfolio management and state-of-the-art daily actionable insights. ‘industry.
- Dan Edelstein
- [email protected]
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