Solana and Moonbirds help NFT market reach $6.5B monthly trading volume

Solana and Moonbirds help NFT market reach $6.5B monthly trading volume

 

Solana and Moonbirds help NFT market reach $6.5B monthly trading volume

The NFT market reached a new milestone in April with over $6.5 billion traded in a single month, according to research and analytics firm DappReview.

The report shows that the total trading volume increased by more than 50 percent from March to April, said CEO of DappReview David Weild IV, who noted that the figures are based on blockchain transaction data from Etherscan.

Moonbirds provided $500 million in trading volume in April, while Solana increased NFT trading volume by 91% month over month.

After a six-week hiatus, Solana and Moonbirds rushed to the rescue of the bearish nonfungible token market in April.

According to DappRadar’s monthly report, the NFT market hit a multimonth trading volume high of $6.3 billion in April, up 23 percent from March and only the third time in its existence.

DappRadar is the source.

Moonbirds contributed $500 million in trading volume, while the Solana blockchain recorded approximately $300 million in NFT deals, representing a 91 percent growth month on month.

Many new touted NFT ventures also contributed to the rising trade volume, namely Otherdeeds, which produced $760 million in the first six months.

Within 24 hours, $760 million was produced. Otherdeeds’ success was bittersweet, since it resulted in hefty gas fees of up to 2.5 Ether (ETH) at the time of minting.

In April, the daily unique active wallet count engaging with decentralized applications reached 2.36 million, a 0.2 percent rise over March. With 568,000 and 492,000 daily unique active wallets, respectively, BNB Chain and Wax had the largest average number of wallets linked.

Related: The Opera browser now provides direct access to the BNB Chain-based DApp ecosystem.

While the NFT market recovered well, the total wealth locked in decentralized finance fell by 12% owing to unpredictable token prices. Terra, on the other hand, surprised market expectations by increasing its TVL domination by 15%. The protocol has a total value of $30 billion.

The DeFi market continued to expand despite falling TVLs and unpredictable token values, with the ecosystem showing impressive development outside the Ethereum network. The dominance of Ethereum in TVL fell from 94 percent a year earlier to 59 percent in April.

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

NFTs are non-fungible digital assets that can represent anything from an item to a person. They’re becoming increasingly popular as an alternative to cryptocurrencies like bitcoin or ethereum because they can be used on the blockchain without requiring a native token or coin. The blockchain technology used for NFTs is usually ERC-721, which is integrated into popular platforms such as OpenSea and Rarebits.

Solana has contributed to this growth by helping developers create their own NFTs through its open-source framework, which launched earlier this month. Moonbird is another company working with NFTs; it recently announced plans to integrate its platform into OpenSea’s ecosystem in order to make it easier for users

Solana is a new blockchain-based incentive protocol that can deliver terabyte-scale performance at the cost of megabyte-scale systems. The Solana team has released their white paper, which describes how their proof-of-history consensus algorithm works and their plans to improve it.

Incentive systems are a key part of any blockchain’s success. Without proper incentives, it’s possible for a small number of actors to game the system and create unfair outcomes for other participants. Bitcoin’s longest chain rule provides an example of how this can happen; if miners have no incentive to include transactions from another miner in their blocks, they have no incentive to do so, even if it means that transaction fees are lost as well as network stability degraded by orphaned blocks.

Solana proposes an incentive system based on proof-of-history — proof that a given actor was one of the first N actors to record a transaction history. This proof is generated by performing an interactive protocol between two parties; this protocol takes O(1) time per message sent between them (with O(log n) messages total), therefore its runtime scales linearly with the number of messages exchanged. The protocol also allows participants to verify whether or

According to CoinGecko, Solana’s SOL token has lost 35% of its market value in the previous seven days, part of a larger rout for crypto assets as investors tried to abandon risky investments. An all-time high of $259 in November marked over 14,000 percent rise since the beginning of 2021 – but due to ongoing problems, that figure has already decreased to 4,800 percent.

Rival currencies claiming to redefine blockchain technology’s capabilities are also attempting to ride Solana’s coattails. The value of Terraform Labs’ Luna token, which operates on the Terra protocol for algorithmic, fiat-pegged stablecoins, has increased by more than 7,000 percent in the previous year.

But Solana isn’t the only one who is experiencing problems. Ethereum is still troubled.

While certain initiatives, like as the Bored Ape Yacht Club, CryptoPunks, Azuki, and others, continue to overshadow many of the new arrivals, the Moonbirds NFT collection, which premiered in April 2022, drew the attention of the whole community.

What exactly are Moonbirds NFTs?

Moonbirds are a collection of 10,000 non-fungible tokens released on Ethereum’s network under the ERC-721 standard that took flight on April 16th, 2022.

Moonbirds NFTs, according to the official website, are “utility-enabled PFPs with a profoundly diversified and distinct pool of rarity-powered features.”

In essence, the project hopes to become another high-profile PFP program, but it has also introduced a slew of new benefits for Moonbirds owners. Aside from this functionality, each Moonbird is designed to unlock membership in a special club while giving more perks the longer consumers keep them This is referred to as nesting.

Holding a Moonbird, for example, grants access to an NFT-gated Discord server. Users will have access to private Moonbirds channels, which will provide information about forthcoming drops, community activities, nesting, and so on.

The collection was manufactured at a cost of 2.5 ETH each coin, with the producers receiving a 5% royalty on secondary sales. According to the official website, Moonbird owners have complete intellectual property rights over them.

At the time of writing, less than a week after the mint, the floor has risen to an astronomical 36 ETH (worth roughly $108K) in anticipation of the nesting capability being implemented to enable nested functionality

What exactly is nesting?

Moonbirds are built to be locked up and nested without leaving the user’s wallet, in addition to its pixelated look that has survived the test of time in the cryptocurrency world (see CryptoPunks).

As soon as the Moonbird is nested, it begins to accrue additional advantages, and as the total nested time accumulates, customers will see their NFTs achieving higher tier levels – so improving their nest.

Nesting is not available at the time of writing, however the team has assured that it will be accessible as soon as feasible.

Moonbirds were created by whom?

Let’s get a little more personal with the individuals behind Moonbirds. The entity in charge of the collection is known as PROOF who subsequently is the creator of the PROOF Collective and the Grails projects.

Kevin Rose and Justin Mezzell, both well-known characters in the NFT scene, created the group. Following the transaction, Rose aired a YouTube video in which she said that the profits from the sale will be used to build PROOF into a well-known and recognized media firm.

In any event, PROOF Collective is a gated society that is only available to the 1,000 persons who possess a PROOF Collective NFT, the current floor price of which is 140 ETH or roughly $420K at the time of writing.

PROOF Collective is essentially a private community of 1,000 NFT collectors and artists. Having the PROOF Collective NFT has several advantages — One of these was the capacity to mint two Moonbirds at the time of the launch.

Launch of the Moonbirds NFTs

Moonbirds, like any other highly anticipated Solana debut, was not without controversy. To begin unpacking, it’s vital to understand how the collection got minted.

First, every bearer of the PROOF Collective NFT (described above) received two guaranteed mints. This amounts to 2,000 Moonbird NFTs in total.

Second, 7,875 Moonbirds were distributed to people who won a lottery, which is where part of the controversy arises. Zachxbt, a well-known cryptocurrency researcher, discovered that several individuals used bots to generate over 400 identities to Sybil Attack the raffle. Many people in the community claimed that there is no reason for this not to happen Although it did leave a sour taste in the mouths of fair users who were unable to mint as a result of this.

In any event, the crew had kept the final 125 Moonbirds for dispersal.