In July 2023, NFT decentralized applications (DApps) surpassed DeFi DApps in daily user activity, highlighting a growing interest in the NFT market.
Decline of Interest in DeFi
According to DappRadar, NFT-related DApps registered more active wallets than DeFi-related DApps. Despite this, the DeFi sector achieved a new record in total value locked (TVL).
Increase in NFT Activity
The increase in NFT activity was linked to popular platforms like OpenSea and Blur, with Blur dominating Ethereum's NFT trading volume, attracting significant user interest.
Impact on Ethereum and the Market
Ethereum, being the primary chain for both sectors, has seen increases in transaction volumes and fees. The ongoing growth of these sectors indicates stable user interest in both NFTs and DeFi.
The data from July 2023 shows that despite competition between NFTs and DeFi, both sectors are attracting steady user interest, which may influence future financial conditions and opportunities in the cryptocurrency market.
