NFT market sees month-high trading volume, Solana and Moonbirds majorly contributes

After a six-week cooldown period, Solana and Moonbirds arrived on the scene of the bearish NFT market in April. According to DappRadar’s monthly report, the NFT market reached a multimonth trading volume high of $6.3 billion in April, up 23 percent from March and only the third time in the market’s existence.

Moonbirds accounted for $500 million in trading activity, while the Solana blockchain witnessed approximately $300 million in NFT transactions, an increase of 91 percent month over month.

Many new hyped NFT initiatives, particularly Otherdeeds, which made $760 million in less than 24 hours, contributed to the rising trading volume. Otherdeeds’ success was bittersweet because it resulted in hefty gas fees of up to 2.5 Ethereum (ETH) at the time of minting. However, Yuga Labs has integrated with Polygon for its ApeCoin after the incident.

In April, the number of daily unique active wallets interacting with decentralized apps reached 2.36 million, up 0.2 percent from March. With 568,000 and 492,000 daily unique active wallets, respectively, BNB Chain and Wax had the largest average number of wallets connected.

NFT up, DeFi down

While the NFT market has made a tremendous comeback, the total value of DeFi has fallen by 12% as a result of unpredictable token values. Terra, on the other hand, bucked market expectations, increasing its TVL domination by 15% and locking in a total of $30 billion in the protocol.

The DeFi market continued to grow despite falling TVLs and unpredictable token prices, with the ecosystem showing impressive development beyond the Ethereum network. The TVL dominance of Ethereum dropped from 94 percent a year ago to 59 percent in April.

Despite big compromises such as the hack of Axie Infinity’s Ronin Network, blockchain games maintained their popularity in April. Gaming DApps accounted for 52% of all active wallets in the sector. The on-chain activity was also dominated by major gaming blockchain networks like Polygon and BNB Chain.