NFT trading volumes spiked last week even as the rest of the sector saw a major decline in prices. Although several assets plunged, including Bitcoin which lost 30%, non-fungible tokens (NFTs) kept rising, cementing a continuous increase over the last year.
According to a DappRadar report, NFT trading volumes have been more than $5 million each day, with even bigger numbers before the crypto plunge. The report said:
“Since the crash that started on May 12, the average trading volume for NFTs is approximately $5.8 million per day. While in the first 11 days of the month, the average daily volume was $14.9 million.”
The crypto market crash generally did nothing to dampen the sentiment surrounding NFTs. The DappRadar report states that traders have moved an average of 85,787 NFTs since the crash. This is a 277% jump compared to January’s 21,815 daily NFT sales.
Other factors such as China’s cryptocurrency suppression have been tied to Bitcoin’s plunge. While these factors sent crypto tumbling, decentralized applications were left mostly unscathed. NFT marketplaces and exchanges were recording healthy numbers.
Part of recent NFT news was the sale of Michael Arrington’s Kiev apartment as an NFT on Propy. The TechCrunch founder’s house will be available to the public at a starting bid of $20,000.
Image Credits: Pixabay
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