The non-fungible token (NFT) market has calmed down a bit since the peak, but that doesn’t mean the industry is dead. On the contrary, she is far from it.
NFT revenue volume was $3.7 billion in May, according to DappRadar’s latest industry report on Wednesday. While volumes are down 20 percent compared to April, industry activity remains resilient given that the cryptocurrency market as a whole is in a bear market.
DappRadar has also pointed to the fact that volume on marketplaces has not declined nearly as much when measured in terms of their own tokens, such as Ether (ETH). Case in point: OpenSea, the largest NFT marketplace, recorded trading volume of 950,000 ETH last month, down just 6.5 percent from April. Measured in US dollars, OpenSea’s monthly volume is down 25 percent.
Meanwhile, Solana NFTs had their best trading month, generating $335 million in volume across all marketplaces. This corresponds to an increase of 13 percent compared to April.
DappRadar’s report cites NFT collections like Solana’s Moonbirds and Okay Bears as the biggest catalysts for the industry’s solid performance in May. The Goblintown NFT Collection has grossed $31 million since its May 22 launch. Due to the high demand, the minimum price of the project increased from 0 to 6 ETH.
Prominent NFT collections, such as Bored Ape Yacht Club (BAYC), have also seen some declines in value as buyers move to new hyped collections. According to DappRadar, the minimum price for BAYC fell 38 percent in May from 150 ETH to 93 ETH.
While NFTs are also not immune to the volatility of the crypto markets, the industry has carved out a strong niche for itself and is gaining acceptance from the public. According to a recent report from crypto data provider CoinGecko, the NFT market is expected to generate more than $800 billion in revenue over the next two years.