{"id":25543,"date":"2022-04-29T11:08:48","date_gmt":"2022-04-29T15:08:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=25543"},"modified":"2022-04-29T11:08:58","modified_gmt":"2022-04-29T15:08:58","slug":"nfts-set-all-time-high-in-q1","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nfts-set-all-time-high-in-q1\/","title":{"rendered":"Report: NFTs Set All-Time High In Q1, DeFi Transactions At 1-Year Low"},"content":{"rendered":"\n
According to the DappRadar NFTs report, blockchain games, a category that has received $2.5 billion in venture capital funding, accounted for 78 percent of all transactions.<\/h5>\n\n\n\n
\"Report:<\/figure>\n\n\n\n

According to a new DappRadar analysis, the amount of DeFi transactions was the lowest in a year, while NFT transactions reached an all-time high.<\/p>\n\n\n\n

DeFi refers to a set of financial tools available on blockchain networks<\/a> that enable the trading, borrowing, and lending of crypto assets without the use of third-party intermediaries. <\/p>\n\n\n\n

Users of these items have increased significantly in the last two years, albeit the market has now cooled in recent months. <\/p>\n\n\n\n

However, NFTs<\/a>, which are provably unique tokens used to verify ownership of digital assets, has never been more popular.<\/p>\n\n\n\n

In the first three months of the year, blockchain analytics firm DappRadar recorded more than 116 million transactions involving NFTs\u2014on decentralized applications and marketplaces<\/a>\u2014across all blockchains. <\/p>\n\n\n\n

This represents a 22 percent increase over the fourth quarter of 2021.<\/p>\n\n\n\n

Blockchain game<\/a>s accounted for 78 percent of all blockchain transactions, a 520 percent increase from the previous year.<\/p>\n\n\n\n

“We can't tell for certain that more money is being invested in-game assets,” DappRadar said in a report, “but it might simply be that consumers are interacting more with game dapps.”<\/p>\n\n\n\n

However, venture capitalists have clearly taken notice. DappRadar reported in its most recent report that $2.5 billion in venture money had flooded into the play-to-earn category.<\/p>\n\n\n\n

The play-to-earn, or GameFi<\/a>, market is rapidly expanding. This expansion has given rise to companies such as MetaLend, which recently secured a $5 million seed round backed by Pantera Capital. <\/p>\n\n\n\n

The company offers financial services to play-to-earn gamers, including loan collateralization with NFTs and funding to gaming guilds.<\/p>\n\n\n\n

“The amount of NFT trades in all blockchains also peaked in Q1 2022, up 153 percent from Q1 last year,” DappRadar \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>reported. <\/p>\n\n\n\n

“As demand for Ethereum NFTs stabilizes after January's record levels, the expansion of the NFT market in Layer-1 alternatives, especially Avalanche and Solana, acts as support.”<\/p><\/blockquote>\n\n\n\n

The Avalanche and Solana networks have seen tremendous growth. Since last year, transaction volume on the blockchains, which have been promoted as Ethereum rivals, has increased by 10,500% and 9,700%, respectively.<\/p>\n\n\n\n

Waiting on the Ethereum Merge<\/h2>\n\n\n\n

The delayed Ethereum merger<\/a>, which will transition the network from a proof-of-work consensus model to a proof-of-stake consensus model and theoretically boost the blockchain's efficiency and performance, has played a significant role in fueling the growth of Solana and Avalanche.<\/p>\n\n\n\n

According to DappRadar's data, Ethereum transaction volume has decreased by 58% compared to this time last year.<\/p>\n\n\n\n

As more volume exits the Ethereum <\/a>network, the demand for bridges that connect other blockchains grows. As a result, they've become a popular target for thieves, who have already taken about $1 billion through bridge chains.<\/p>\n\n\n\n

According to the analytics firm Dune, about $18 billion is currently tied up on Ethereum <\/a>bridge chains. <\/p>\n\n\n\n

This is a $3 billion decrease from a month ago when Axie Infinity's Ronin bridge was hacked and $622 million in Ethereum and USDC were taken.<\/p>\n\n\n\n

According to DappRadar, the vulnerability of bridge chains has increased the number of developers working to safeguard the Cosmos<\/a>, Solana<\/a>, and Polkadot <\/a>networks.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the DappRadar NFTs report, blockchain games, a category that has received $2.5 billion in venture capital funding, accounted for 78 percent of all transactions. According to a new DappRadar analysis, the amount of DeFi transactions was the lowest in a year, while NFT transactions reached an all-time high. DeFi refers to a set […]<\/p>\n","protected":false},"author":34,"featured_media":25544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,62],"tags":[202,2095,470],"class_list":["post-25543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-nft-news","tag-blockchain","tag-gamefi","tag-nfts"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/bored-ape-nfts-gID_4.jpeg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=25543"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/25544"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=25543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=25543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=25543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}