Business2Community was granted early access to the DappRadar May industry report, covering cryptocurrency, NFTs, DeFi and blockchain games.
May 2022 was a big month as the Terra (LUNA) – now LUNC – crash caused a panic sell-off in Bitcoin, which dropped to almost $25,000, and many DeFi projects also dropped in valuation.
One of the main takeaways of the latest DappRadar report is that decentralized finance is recovering well heading into June, plus NFTs and metaverse projects are showing signs of ‘evolution and maturity’.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
The full crypto and NFT industry report will be available today at DappRadar.com – these points caught our attention on the state of the crypto markets:
New NFT projects such as Otherdeed for Otherside and Goblintown have made May one of the highest trading volume months for NFTs, although blue chips NFTs like the Bored Ape Yacht Club dropped in floor price.
Otherdeeds in particular generated $850 million in trading volume in May. The overall NFT market trading volume for the month was $3.7 billion, only slightly down from April despite many NFTs correcting in floor price.
OpenSea volume was down 6.5% from April, generating 950,000 ETH in trading volume, particularly among NFT collections like Moonbirds and Okay Bears.
The correction of the highest market capitalization projects like BAYC could be a signal of increased competition from smaller NFT projects, as new investors on a budget shop for lower priced non-fungible tokens. DappRadar also noted healthy growth among other NFT marketplaces like LooksRare.
The total DeFi market capitalization lost 45% of its value in the immediate aftermath of the LUNA and UST collapse, however is still up year on year relative to May 2021.
Interestingly Tron (TRX) saw a 47% increase in total value locked (TVL) in May, and Justin Sun’s new stable coin USDD is attracting investor interest. It could be a good time to buy Tron which has been in a long term uptrend and stood the test of time.
Here at B2C we also noticed one of the best crypto youtubers Crypto Face released a video of his top altcoin picks for the remainder of the year, one of which was Tron.
Uniswap also crossed $1 million in all-time transactions, and Binance Labs invested in PancakeSwap this week – which could signal low marketcap DEX coins as a good investment opportunity.
Crypto games and their native gaming coins had a good month, in terms of only having a 5% decrease in activity after the recent crypto market correction, being one of the most resilient types of cryptocurrency investments now.
Gaming cryptos also still averaged a 197% growth rate year on year. They could be ready to flip bullish first once the markets turn around – Bitcoin moving back above $30,000 this week could be a sign a crypto recovery is around the corner.
Dapp activity hit its lowest point so far this year as 2.22 million daily unique active wallets (UAW) connected to blockchain Dapps across the month of May.
Solana however did increase its usage, exceeding 200,000 daily UAW for the first time in it’s history despite the May network outage. That work behind the scenes could signal its a good time to buy Solana at its current low price point.
Next NFT to Blow Up – Lucky Block
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This article was written for Business 2 Community by Matt Williams.
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Hailing from Northampton UK, Matt has a keen interest in stocks and crypto, and ways to earn passive income online to achieve financial freedom.… View full profile ›
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