The number of NFT transactions on the Avalanche network skyrocketed and interest in dApps increased. On the other hand, daily activity on the network decreased.
Mainly dominated by Solana, Polygon, and Ethereum, the NFT market attracted a lot of attention from users. Nevertheless, according to current data, Avalanche may be poised to close the gap and compete with these protocols soon.
Read Avalanche’s price forecast 2023-2024
According to recently facts, Avalanche NFT transfers were observed to increase massively. In April, the Avalanche network experienced more than 2 million NFT transfers, a figure five times higher than the previous month of March.
Source: Dune analysis
The increased interest in Avalanche NFTs can be attributed to Blue chip AVAX NFT collections. According to data from AVAX NFT STATS, popular NFT collections such as Chikn and Doggerinos have seen a significant increase in volume in recent months.
The dApps operating on the Avalanche network had a similar interest. Trader Joe, one of the leading DEXs on the Avalanche network, witnessed a 183.8% increase in the number of unique active wallets on his network last month.
As a result, the volume and amount of transactions on the network also increased during this period.
Source: Dapp Radar
Still a long way to go for Avalanche
Despite interest in NFTs and high dApp activity, the total number of daily active addresses on the network dropped.
Over the past month, the number of active addresses on the network has dropped from 79,740 to 75,000, according to data from Artemis. As a result, the number of transactions made on the Avalanche network also decreased.
Source: Artemis
In addition, interest in staking on the Avalanche network has declined.
According to data from Staking Rewards, the number of strikers on the network is down 0.82% over the past week. At the time of reporting, the number of strikers on the Avalanche network stood at 84,419.
Source: Staking Rewards
The state of the AVAX token was not too good either. The price of AVAX has fallen sharply in recent weeks. Along with the volume, which dropped from 598 million to 149.23 million.
Realistic or not, here is AVAX’s market cap in BTC terms
Despite this, development activity on GitHub of the Avalanche network has continued to increase. The recent upgrades and updates on the network due to the development activity can have a positive impact on the AVAX token in the long run.
Source: Sentiment
This post Will Avalanche’s NFTs Help AVAX Rise? Consult these stats for an answer
was published first on https://ambcrypto.com/will-avalanches-nfts-help-avax-go-up-refer-to-these-metrics-for-an-answer/
