For smart contract-enabled blockchains, the driving force over the past couple of years has beendecentralized finance (DeFi) and non-fungible tokens (NFTs). In 2021 alone, each of these segments of the cryptocurrency market grew by an order of magnitude: DeFi to $180 billion, and NFT to $25 billion.
Image source: defillama.com
However, the crisis of the current year has led to a large-scalethe exit of investors not only from the financial, but also the cultural sector. The daily turnover of NFT decreased to the figures of June last year: 16 thousand tokens and $13 million.
Image source: nonfungible.com
The bright spot in the statistics is the release in Maynew collection from Yuga Labs, whose bored monkeys continue to top the monthly rankings with $58 million in June. Three weeks ago, one of the pictures was sold for 1024 ETH or $1.17 million. All the while, the Bored Ape Yacht Club collection boasts a turnover of $2 billion and third place in the overall standings after cryptopunks and Axie animals.
Image source: dappradar.com
Release of a new collection with plots inThe “Otherside” metaverse led to a short-term surge in fees on the Ethereum network in May, but the downward trend has continued and now you need to pay less than $3 per transaction. This is the August 2020 level.
Image source: bitinfocharts.com
Over 90% of all NFTs are minted on Ethereum, and YugaLabs has previously noted that it will continue to use only this network for its collections. The advantage of Ethereum over younger and faster competitors is the highest level of security and stability. For example, in Solana, you need to pay less than a cent for a commission, but at the same time, over the past 10 months, the network has fallen seven times with a complete stop of transactions.
Image Source: Cryptocurrency ExchangeStormGain
Declining interest in NFTs and DeFi makes Ethereumless in demand. On the one hand, this leads to cheaper commissions, and on the other hand, the coin loses its investment attractiveness against Bitcoin.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
