DappRadar, the global app store for decentralized applications that makes it easy for users to track dapp activity online, has revealed that the NFT space is defying the emergence of crypto winter, with popular blue-chip collections such as CryptoPunks, Meebits and RTFKT - CloneX Mintvial enjoying substantial floor price gains of at least 40% over the weekend.
The findings, taken from the newly published Flash Dapp Report for June 2022, come at a time when the value of crypto is in freefall and suggest that the blockchain industry is about much more than just token prices.
In fact, the bear market has proven to be a golden buying opportunity for NFT collectors. With the price of Ethereum falling below $1,000 last week, down 77% from its all-time high, the economic barrier to entry in the NFT market has become much lower. Collectors are jumping in to take advantage of lower prices, boosting trading activity considerably compared to prior weeks.
The report bodes well for the future of NFTs, even amid the seemingly endless bear market blues. NFTs are a kind of digital art and many investors believe they represent great value, similar to how traditional art is viewed as a safe, long-standing investment by wealth managers and funds. While crypto has been in decline since December 2021, blue-chip NFTs have become a cultural phenomenon, with an increasing number of collectors seeing the value of their utility as game assets, pint passes and more.
For instance the popular CryptoPunks collection saw 90 trades during both weekend days, having barely reached double-digits earlier in the month. Another popular collection, Meebits, jumped to an average of 20 trades per day at the weekend, up from less than five trades in the first two weeks of June.
With the increase in trading activity, the USD floor price of some of the most sought after NFT collections has soared. Collections such as BAYC, RTFKT - CloneX Mintvial, CryptoPunks, Meebits and Doodles all saw their floor price grow by at least 20% at the weekend, compared to the week before.
The report reveals that NFTs have even become more popular than cryptocurrencies in Google Trends. With crypto crashes heading downwards amid expectations of a long crypto winter, NFTs are in vogue, with many investors looking at them as a safer bet. NFT searches on Google Trends have consistently stayed ahead of crypto searches since December 2021.
Founded in 2018, DappRadar is the The World's Dapp Store: a global decentralized applications (dapps) store, which makes it easy for its base of more than 1 million users per month to track, analyze, and discover dapp activity via its online platform. The platform currently hosts more than 10,000 dapps from across 30+ protocols and offers a plethora of consumer-friendly tools, including comprehensive NFT valuation, portfolio management, and daily industry-leading, actionable insight.