During the cryptocurrency crash last week, Bitcoin (BTC) dropped 30% of its value and almost a million traders liquidated in a single day, yet NFT trading volume has risen. Despite The Crypto Crash, The Volume Of NFT Trading Increases Non-fungible tokens (NFTs) trading volume risen dramatically over the last year, and this was reflected in the first quarter of 2021. As more individuals stayed at home during lockdowns, digital tokens took off, and cryptocurrency values skyrocketed. “Since the crisis began on May 12, the average trading volume for NFTs has been at $5,8 million per day. According to DappRadar, the average daily volume in the first 11 days of the month was $14,9 million.” Despite the market meltdown, users purchased, traded, and sold an average of 85,787 NFTs a day for a total value of $5,8 million, according to the study. When compared to January, it represents a 277% increase, with an average of 21,815 NFT sales each day. During the Crypto Crash, Decentralized Apps Played an Important Role The market was thrown into upheaval when Chinese officials declared a crackdown on cryptocurrency. However, certain blockchain applications have shown to be immune to such oscillations. Decentralized applications such as NFT marketplaces and exchanges such as Uniswap continued to operate normally. Users shifted to decentralized platforms as centralized systems were unable to handle the additional volume caused by panic trading. While this was going on, Ethereum’s (ETH) blockchain was slowing down and gas prices were rising, yet platforms like Polygon, Binance Smart Chain (BSC), and others were able to continue operating normally. Because of the buzz and popularity around NFTs, Christie’s auction house offered the first-ever sale of an NFT by a prominent auctioneer. Sotheby’s followed suit, and since then, a slew of well-known artists and celebrities have begun to provide NFTs. Gary Vaynerchuk, an internet entrepreneur, has even launched his own brand with some distinctive features.
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