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Due to the hype around LooksRare NFT marketplace, the segment is still on fire despite bearish reversal of crypto
DappRadar, a leading analytical platform for decentralized applications and the Web3 software, shares its report on the progress of non-fungible token markets. It looks like it does not care about the bearish sentiment of the crypto sphere.
LooksRare comes to the rescue, siphons OpenSea’s volume
According to the report that is avaliable to all holders of DappRadar’s core utility asset RADAR, the segment of NFTs is back to surging.
Dive in 👇https://t.co/2OGspDVTKv
— DappRadar (@DappRadar) February 2, 2022
Despite massive carnage on cryptocurrencies markets, in January 2022, the NFT segments witnessed $16 billion in trading volume across all mainstream markets and protocols.
The NFT space has a fresh leader: novel platform LooksRare that made headlines by its LOOKS token rewards program processed $10.7 billion in trading volume, while OpenSea handled a total of $4.7 billion.
Modesta Masoit, head of finance and research at DappRadar, attributes this success to the obvious maturation of the NFT segment, which cannot be affected by the decline of the crypto market:
The past couple of months have been rather bleak for anyone holding crypto, but the blockchain industry’s performance is a bright light at the end of the tunnel. The numbers we’re seeing this month demonstrate stability and growing maturity for the space, which will eventually counteract the negative market sentiment.
4 of 5 top crypto games attracted new users in January 2022
Regarding top league protocols—Alien Worlds, Splinterlands, Farmers World, Axie Infinity and Upland—only Alien Worlds saw its user count decrease.
Despite more than a 50% drop in the Ethereum (ETH) price, the USD-denominated floor price of the top 100 NFT collections decreased by 15% only.
Hovewer, the segment remains heavily whale-dominated: 35,000 traders accomplished a huge trading volume on LooksRare, while almost half a million OpenSea traders handled less than 50% of LooksRare’s volume.