DappRadar has just published its New Dapps Report for March, and it contains fascinating news about the current NFT bear market. In particular, the report looks at three popular NFT collections that have been performing well over the past month.
Key lessons from the New Dapps Report from DappRadar
To clarify, DappRadar publishes two separate monthly reports, among other studies on its site. Firstly there’s its Dapp Industry Report, which focuses on findings from the world of decentralized apps. Secondly is the New Dapps Report, which provides an overview and analysis of financial metrics for NFT collections specifically.
As has been noted, the latest New Dapps Report from DappRadar focuses on three NFT projects. To list, these are Invisible Friends, 3Landers, and Tubby Cats by the Tubby Collective. So how are each of these projects outperforming other NFTs during these early days of the bear market?
Invisible Friends is one of the NFT projects least affected by the bear market
Without a doubt, Invisible Friends was one of the most hyped NFT launches of 2022 so far. While the run-up to its Feb. 23 launch was not without hiccups, the NFT project has been soaring since its reveal.
DappRadar notes that the NFT collection captured a 30-day volume of over $77 million, making it the 14th most traded collection over that time. Impressively, the floor price went up by over 3,000% from its mint day. It also logged a top sale at 200 ETH (over $500,000).
All things considered, the excitement that Invisible Friends was able to drum up leading up to its launch seems to be powering it through this current bear market. Another key point helping the collection in this regard is its unique holder ratio of 83%.
As the DappRadar report states, a higher ratio makes an NFT collection far less susceptible to sudden price changes. This is because there are fewer holders with multiple NFTs, therefore making holders less willing to sell, even in a bear market downturn.
DappRadar Report notes many strong metrics for 3Landers
3Landers is another project that launched recently and has already garnered a major presence in the NFT space. DappRadar reports the new NFT project as the 15th most traded collection with a $53 million volume over the last 30 days.
What’s more, its floor price went up by almost 980% over the past two weeks. In fact, its 7-day trade volume of $6.6 million makes it the 6th most traded collection over that time. Lastly, it has a unique holder ratio of 53% according to the DappRadar Report.
Although it boasts more modest numbers on Twitter and Discord than Invisible Friends, it has seen a lot of growth over the past 30 days. To illustrate, DappRadar calculates that it has gained an average of 1,489 Twitter users over that period. This points to an excitement and increasing interest in the project. Naturally, this offsets the effects that other, perhaps older NFT collections have faced during the bear market.
Tubby Cats – Third on this list but still performing well
Finally, there’s the two-week-old Tubby Cats collection of 20,000 NFTs. This is by far the lowest profile collection of the three. To that end, DappRadar notes that many of its metrics are far behind both Invisible Friends and 3Landers.
Nevertheless, the Tubby Cat NFTs are clearly resonating with collectors, given its bear market performance. For example, DappRadar noted that the collection had a significant unique trader count of 12,000 over the last 30 days. Certainly a sign of healthy activity. Its $31.2 million 30 day trading volume puts it at 18th on the aforementioned list. Its unique holder ratio stands at 59%.
It may be behind the other two, but Tubby Cats’ performance is still impressive. Especially considering the conditions it launched under.
In conclusion, the March New Dapps Report puts forward some interesting insights about what many people in NFTs currently are calling a bear market. However, it appears that even this drop in market activity has not fully stopped the larger excitement around NFTs.
Overall, even if this is somewhat of a bear market, it certainly doesn’t seem like the prolonged NFT market crash that a number of voices have warned of in the past. At least, it doesn’t seem that way yet.