- Despite the fall in the crypto market, the NFT and GameFi sectors present positive numbers compared to their performance in 2021.
- The fall of some star products such as the BAYC collection favored the growth of new projects.
Over the last few weeks we have reported on the conditions of the digital crypto market, which has suffered from turbulence after a period of relative calm.
As is common with this type of catastrophe, there is always collateral damage, and after the turbulence of the markets, along with the fall of Terra last May, some decentralized applications suffered damage, but fortunately they have managed to come out afloat.
NFT market in apparent recovery
It seems that the digital market for cryptocurrencies is recovering, at least according to a new report from the platform that offers analysis and tracking of wallets for the markets of decentralized applications (DApp) and non-fungible tokens, DappRadar.
According to the portal report, The volume of active unique wallets per day that were connected through dApps, presented a decrease to 2.2 million last month, which represents 5 percent less than what was reported last April.
Despite the poor performance, this one was better than last year, in addition to having certain advantages, since both non-fungible tokens and games managed to get better results.
This amount is the lowest reported so far in this 2022, however, despite what you might think, is higher than last year, as it was 32 percent higher than in May 2021.
The overall volume of the non-fungible token market was down 45 percent to $10 billion, down from $18 billion in April, mainly due to the drop in flagship products from the market. NFT market as is the case of Bored Ape Yacht Club (BAYC), as the collection experienced a 54% reduction in value during the month of May.
However, as the popular saying would say “A troubled river, fishermen gain”, in adverse situations there are those who take advantage of such circumstances, since while the market downturn has affected some projects, it has been a good thing for newer collections, such as Otherdeeds and Goblintown, and the reduction in the price of plots in the BAYC metaverse.
crypto games on the rise
Another sector that has been favored is the crypto games, who have managed to get a flow of risk capital despite the current market situation.
Dapper Labs launched a $725 million fund with the aim of fueling the growth of its Flow ecosystem. Also, a16z presented its GAMES FUND ONE, with which it plans to invest no less than $600 million dollars in the gaming industry of the metaverse.
DeFi market the most affected
It must be said that all the hustle and bustle of the market left severe damage to theas Decentralized Finance, since it was the category of dApp with the greatest damage, according to what was pointed out by DappRadar.
The total value locked (TVL) in las DeFi apps presented a drop of 45 percentbut, despite poor market conditions, managed to rebound 11 percent compared to 2021.
There is nothing left to do but wait as the crypto waters continue to move, since as we have seen, in the midst of the storm, there will always be those who manage to profit from what for some is evil, since, in the end, as pointed out by the fictional mathematician Jeff Goldblum in the film Jurassic Park, “life finds a way”.
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