According to recent data from Dappradar, the GameFi sector is likely to rebound in the near future, suggesting current data. During August, the total NFT trading volume increased by 13.25%, sales went up by 83.36%, and over 1.3 million nonfungible tokens were traded. More than 58% of CSAO web traffic is now going to cryptocurrency services offering NFT-related services, driving crypto adoption, according to a new Chainalysis report.
According to Tony Ling, co-founder of NFTGo, the presence of big players in the nonfungible token market isn’t enough to evangelize new users or produce innovation.
If, for example, Adobe merges with Figma, the result could be a significant impact on creators, who would benefit from both the firms’ features. Behance, a creative showcase platform, enables users to associate cryptocurrency wallets and NFTs with their profiles, while Figma provides kits for NFT creators.
Despite the mainstream presence in the sector, the industry’s challenges with high royalty fees and a bear market don’t seem like a game changer, as OpenSea recently had to cut 20% of its staff, said Ling. “New ground must be covered in the new centre, not some existing big unicorns,” he said.
Blockchain adviser and Bundlesbets.com CEO Brenda Gentry thinks the industry will always adapt and find new tools, no matter the players in the market.
“We are seeing lower volumes across the market. However, NFT projects with solid community narratives and cultural references have continued to perform.”
At Nansen, we track the performance of NFT cross-industry indexes to provide insights into the health of the NFT market. The NFT cross-industry indexes have fallen 24% this year at time of publication, in line with the broad market consolidation.
According to recent data from Dappradar, the total NFT trading volume increased by 13.25% in August, and sales increased by 83.36% to over 1.3 million nonfungible tokens traded. Cryptocurrency services are being frequented by 58% of the web traffic from central, southern Asia and oceania, driving its crypto adoption, a new Chainalysis report found.