June NFT Numbers: Cryptozyme Seeps into the Metaverse
Trading volume on the NFT market fell by 94% between January and June of this year. Prices and sales volumes on metaverse platforms have fallen across the board. The number of ONE tokens in DeFi Kingdoms after the hacking of the Harmony Bridge has significantly decreased in just a few days.
June was a bad month for cryptocurrencies in general. The sector of non-interchangeable tokens (NFT) could not avoid the domino effect.
In this overview of gaming, NFT, and metaverse data, we'll look at the numbers behind the news and provide you with some of the latest data on trends in this area.
Bear Market Hits NFT
The volume of trading on the NFT market fell from $ 16.6 billion at the beginning of this year to just over $ 1 billion last month, that is, by 94%. The beginning of this year was a boom period for NFT in terms of trading activity. Now we are witnessing a multiple decline, even despite the previously observed larger volumes of fictitious trading.
In January, NFT trading on Ethereum reached a record high of $16.6 billion. With one caveat. It is believed that NFT trading was particularly high in January due to the fact that users traded tokens among themselves to raise prices - the so-called fictitious trading was especially noticeable on LooksRare.
At the same time, despite various problems, OpenSea has partially regained its dominant position in the market.
Meanwhile, NFT prices were generally declining. Minimum prices for so-called blue chips, such as the Bored Ape Yacht Club (BAYC), Doodles and Cool Cats, have fallen by about 30% since the beginning of the year.
However, the creators of BAYC Yuga Labs have increased their market share this year by releasing new products such as Otherdeed, NFT of Earth for the upcoming BAYC metaverse called Otherside. The first demonstration will take place on July 16.
NFT Royalties
The Block's research shows that the top ten NFT projects have accumulated 92,600 ETH of total royalty income. The sharp increase in licensing fees across the sector in April and May of this year was mainly due to just two collections: Otherdeeds and Moonbirds.
Source: The Block Research, Dune Analytics.
But don't be fooled into thinking that this graph paints a rosy picture of the state of top collections. In terms of dollars, the picture becomes not so bright.
Source: The Block Research, Dune Analytics.
The price and sales volumes of land in the metaverses went down
Land prices in Decentraland (MANA) have dropped from an average of $6,000 in January to $3,500 last month. Plots of land in The Sandbox (SAND) have more than halved in price - from $4,700 to $2,100. NFT World, whose price rose by $4,400 in January to a peak of $11,600 in March, has fallen back to $4,300. However, most of the decline in prices was observed at the beginning of the year, and not last month.
The exception was Otherdeed. The price of land plots in the BAYC metaverse soared to almost $22,000 in May after mining Otherdeed at the end of April, but has since fallen to an average of $5,700 per plot.
Sales continue to fall from a high approaching $40 million at the beginning of the year to more than a tenfold decline compared to June. The Sandbox and NFT Worlds continue to occupy the lion's share of sales, but they also have a significant decline.
The Harmony hack caused an unhealthy surge in DeFi Kingdoms Trading Volume
The volume of trading on Harmony DEX has dropped significantly since the beginning of this year. The popular DeFi Kingdoms (JEWEL) game represented the largest DEX on the network, although the launch of its own Avalanche (AVAX) subnet at the end of March was a significant loss for the Harmony ecosystem.
But now it has reached a climax with the hacking of the Harmony Bridge. The hack caused a surge in volume on DEX on June 23, including a 434% surge on DeFi Kingdoms compared to the average for June - users massively tried to withdraw their assets from there.
After the hack, the number of Harmony (ONE) tokens in DeFi Kingdoms decreased significantly. Only 50% of the tokens remained in the protocol two days before the vulnerability was eliminated.
https://coin-signal.com/cryptonews/june-nft-numbers-cryptozyme-seeps-into-the-metaverse/
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