Will Avalanche’s NFTs Help AVAX Go Up? See these calculations for answers

by James · April 24, 2023

The number of NFT trades on the Avalanche network increased and interest in dApps increased.
On the other hand, daily activity on the network decreased.

The NFT market has primarily been dominated by Solana, Polygon and Ethereum, and has attracted significant user attention. Nevertheless, according to current data, Avalanche may be ready to close the gap and compete with these protocols soon.

Read the Avalanche price prediction 2023-2024

According to recently data, it was observed that Avalanche NFT transfers increased. During April, the Avalanche network experienced over 2 million NFT transfers, a number that was five times higher than the previous month of March.

Source: Dune Analytics

The increased interest in Avalanche NFTs can be attributed to Blue chip AVAX NFT collections. Over the past few months, popular NFT pools such as Chikn and Doggerinos have witnessed a significant increase in volume, according to the data from AVAX NFT STATS.

The DApps operating on the Avalanche network experienced a similar level of interest. Trader Joe’s, one of the leading DEXs on the Avalanche network, witnessed a 183.8% increase in the number of unique active wallets on the network in the past month.

As a result, the volume and amount of transactions on the network also increased during this period.

Source: Dapp Radar

Still, there is a long way to go for the Avalanche

However, despite interest in NFTs and high dApp activity, the total number of daily active addresses on the network decreased.

Over the past month, the number of active addresses on the network has fallen from 79,740 to 75,000, according to Artemis’ data. As a result, the number of transactions made on the Avalanche network also decreased.

Source: Artemis

Also, there has been a decline in interest in betting on the Avalanche network.

According to Staking Rewards data, the number of stakers on the network fell by 0.82% in the previous week. At the time of reporting, the number of stakers on the Avalanche network was 84,419.

Source: Staking Rewards

The condition of the AVAX token was also not so good. During the last few weeks, the price of AVAX has experienced a significant decline. Together with the volume, which decreased from 598 million to 149.23 million.

Realistic or not, here is AVAX’s market cap in BTC terms

Despite this, development activity on the Avalanche network’s GitHub has continued to increase. The recent upgrades and updates on the network as a result of the development activity may have a positive impact on the AVAX token in the long run.