avalanche [AVAX]the same as Cardano and Solana have seen steady growth with growing interest in the NFT market.According to a tweet posted by the analytics firm, Messari on November 5th, avalanche‘■ NFT performed well in the third quarter.
.@avalancheavax NFT Summer Q3?
NFT sales recovered at the beginning of Q3.
Average daily sales in June were $25,000 and in July they averaged $70,000.
This rebound represents a 180% increase from the lows at the end of Q2. pic.twitter.com/CW45eVwGVB
— Messari (@MessariCrypto) November 5, 2022
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According to Messari’s report, Avalanche’s NFT sales increased 180% last quarter.but despite this The current state of the NFT market has not been remarkable.
change of pace
According to data provided by AVAX NFT Statistics, Avalanche NFT sales down 28% over the last 7 days. Correspondingly, NFT market cap also decreased by 1.47%.
AVAX NFT’s top five collections in the market also experienced volume declines despite some growth towards the end of October. You can see the same in the chart below.
In addition, the number of buyers and sellers has also decreased in recent months. So it shows that interest in Avalanche NFTs is waning.
AVAX is going through a drastic decline
AVAX’s decline in social mentions and engagement also negatively impacted sales. According to data provided by Luna CrashAvalanche’s social engagement dropped 10.55% last week, while social mentions dropped 23.58%.
Weighted sentiment for Avalanche dropped as well. This shows that the crypto community has an overall negative outlook on his AVAX. Avalanche development activity plummeted during the same period. This also indicated that Avalanche’s development team was not contributing consistently to his GitHub.
This could mean that new updates and upgrades will not reach the Avalanche Network in the near future.
Avalanche also failed to grow in the DeFi space. Total Locked Value (TVL) fell from $1.62 billion to $1.32 billion in 30 days. Defilama.
Additionally, AVAX’s popular dApps have also witnessed a drop in unique active users. In the past week, dApps such as Trader Joe and Benqi lost his 24% and his 67% of unique active users respectively.
At the time of writing, Avalanche was trading at $19.50. Its price has increased by 1.25% over the last 24 hours.