Cryptocurrency News

The volume of NXT has more than tripled – even in the midst of a price crash – as in $ 5M. Increases

The popularity of irreplaceable tokens, or NXTs, shows little sign of slowing, despite this. Paranormal marketwide crash Which wiped out more than $ 1 trillion from the crypto market cap.

according to a Report good By the decentralized app marketplace DappRadar, the average number of NFT sales grew nearly 300%, from 21,815 per day in January to 82,373 in May (so far). The number increased even more as crypto prices fell on May 12, with sales increasing by almost 94,000 NXT transactions a day.

The crypto market crash, which caused widespread panic as a liquidation of approximately 1 million leveraged trades, also resulted in severe congestion and excessive transaction fees in the Ethereum network.

However, these rising gas fees did not stop NXT traders, however, many are turning to other markets on alternative blockchains such as the nuclear market on the EOSIO blockchain. Its daily transaction volume of 20,296 accounts is higher than any other NXT marketplace (except NBA Top Shot).

Top 5 NXT Marketplace Transactions Over Time. Source: Dappradar

Although the number of trades has increased, the price per trade was immediately affected as soon as crypto prices began to decline. The first 11 days of May saw an average turnover of $ 14.9 million per day, however, since then the volume has fallen to less than $ 6 million per day. Many NXT owners are willing to take a loss this month as the average token sale price has dropped from $ 180 to $ 70.

Only retail traders are not going ahead with challenging market conditions.

Yesterday, internet trend platform announced that it had raised $ 5 million for a new market with a special focus. Mam Cryptocurrency and NXT. Finally, developers plan to create a “CoinMarketCap for Signal Content” with charts and timeframes, where users can compare each meme and trend. Company instagram Accounts Already has 7.2 million followers

Investors of the platform include Outlayer Ventures, Digital Finance Group, Morningstar, BlockHip, Spark Digital Capital, CEO of mobile developer Altitude Games Gabby Dizon and Polygon co-founder Sandeep Nelwal.