📈NFT Market Progressing as Sales Grow Above Ethereum.

A new analysis by dapp analytics provider DappRadar indicates that the non-fungible token (NFT) market is developing with broader acceptance across the ecosystem, even though trading volumes dropped from a hot start in January to a lukewarm finish in March 2022.

Following a historic start in 2022, the NFT market has entered a consolidation phase, according to the business. NFTs generated about USD 12 billion in trading in the first quarter of this year, while the number of sales and unique traders grew.

LooksRare accounted for 62% of the $31.4 billion in trades that took place in the NFT market last month.

The NFT market produced [USD] 12 billion in Q1, down significantly by 2% from the quantities reported in Q4 2021, according to DappRadar, which excludes activity on LooksRare.

Avalanche (AVAX), Flow (FLOW), Polygon (MATIC), and Solana (SOL) are among the blockchains outside Ethereum where NFT activity is increasing, according to the research.

Another good indication for the NFT market is the rise in the amount of transactions taking place on blockchains other than Ethereum. Avalanche saw a 582 percent increase in transactions compared to the previous quarter, while Solana and Polygon saw a 34 percent increase in sales.

As a result, DappRadar has come to the conclusion that the NFT market is beginning to mature.

For the majority of individuals, the top Ethereum NFT projects have a well-established market. Thus, it is encouraging to observe that NFTs are gaining momentum on other networks as well, indicating that NFT adoption is just beginning,” according to the business.

A16z, a venture capital firm, led a USD 450 million investment in Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), between January and March 2022. That’s what DappRadar has said.

The makers of BAYC made news earlier this month after obtaining the IP of two of the most popular NFT collections previously owned by Larva Labs. A recent research states that “Yuga Labs has positioned itself as one of the most relevant brands in Web3” because of the move.

No other NFT organization is even close in terms of domination, according to Yuga Labs’ statement.

About Kally 👑

Kally is a P2P auction platform for NFTs, powered by Substrate & IPFS. Our goal is to build the most interoperable and user-friendly NFTs marketplace ever, allowing artists and everyday people to unleash the true power of the virtual world.