The NFT market slumped hard back in February of 2022, but now, thanks to notable cryptocurrency assets such as Solana and Moonbird, the market may be back on the rise. In April, organic NFT trading rose by 45%, from $2.63 billion to $3.8 billion and it’s been on the rise ever since.
A cursory glance at the market lets us know that Ethereum is still the biggest fish in the NFT pond, while a majority of trading still takes place on the OpenSea platform, with more than $3.4 billion worth of NFTs being traded on OpenSea in April alone.
New Developments In The NFT Market
Early this year, tech entrepreneur Kevin Rose launched Moonbirds, an NFT profile picture project. Moonbirds quickly became the most popular NFT project on the Ethereum blockchain in April, with a secondary trading volume of $500 million.
As the market grows, Ethereum isn’t the only blockchain to make waves in the NFT space, the Solana NFT market grew by 91% in April, amassing a value of $295 million that month. During this time, the most popular NFT projects on the Solana blockchain were DeGods and Okay Bears, selling through OpenSea and other marketplaces such as Magic Eden and Rarible.
The Future of the NFT Market
Skeptics are still unsure about NFT’s, and their potential longevity within the cryptocurrency space. Some have voiced concerns about an increase in NFT related scams and theft. Just last month, actor Seth Green had his Bored Ape NFT stolen in a phishing scam. OpenSea is also currently facing criticism for allowing people to sell stolen or plagiarized art as NFTs.
The bulls of the NFT market are once again hopeful for the future of NFT’s thanks in large part to the announcement of Bored Ape’s new Metaverse project ‘Otherside’.
We’re only half way through the year, so it will be exciting to see what’s next for the NFT market moving forward.