When Snoop Dogg released his collection on sound.xyz in early 2022, many people started to pay attention to music NFTs. Even though music NFTs grew a little bit at the end of last year, they still haven’t taken off in 2023.
In this way, crypto market intelligence platform Messari recently talked about how music NFTs have been doing over the last year.
Music NFTs offer creators an alternative to the take rates seen from traditional platforms.
— Messari (@MessariCrypto) February 11, 2023
While Web3 music platforms like @AudiusProject , https://t.co/92WvUy4O2d, and @catalogworks enable musicians to directly monetize their work, they have yet to gain mainstream traction. pic.twitter.com/x5x5BZV4u8
Mazey Moon, an NFT artist, was featured in the Artist Spotlight of Avalanche [AVAX]. The artist’s latest collection, in which she turned sunsets into music, came out not too long ago.
“I feel like even though us NFT artists are scattered all over the world, we still want to get to know each other. I didn’t find that on any other blockchain.” Mazey mentioned.
Blending her musical background with a passion for art, Mazey Moon discovered that NFTs were the perfect canvas to create unique audio/visual experiences using "color theory"
— Avalanche
Get to know @mmoonstudios in the latest #Avalanche Artist Spotlight! https://t.co/sCCtDBlMdC(@avalancheavax) February 10, 2023
On the other hand, Santiment’s chart showed that Avalanche’s NFT ecosystem grew over the last 30 days as a whole. The number of NFT trades and their value in USD both went up.
NFT space grows
Alternatively, AVAX Daily published Avalanche’s weekly highlight report, in which it was stated that Crabada NFT took the top rank in terms of overall NFT sales during the last week, followed by ThorFi.
— AVAX Daily
Avalanche Ecosystem Weekly Highlights
Price gainers$RELAY @relay_chain$GRT @graphprotocol$JGN @JGNDeFi$PENDLE @pendle_fi
TVL gainers$BAYMAX @baymaxfi$SPHRI @SpheriumFinance$MCB @muxprotocol
$ @emdx_io#AVAX #Avalanche #DEFI $AVAX pic.twitter.com/1v758dBVs9(@AVAXDaily) February 10, 2023
Now, even though the NFT ecosystem has grown, the number of daily transactions on AVAX has gone down.
Total Value Locked (TVL) and market capitalization also went down by 6% and 18%, respectively, for AVAX.
The token’s price had gone down over 14% in the last week, which caused the market capitalization to go down.
At the time of writing, however, CoinMarketCap said that the price of the coin was $17.89.
Avalanche’s work on development also slowed down, which was a cause for concern. The same was true for its Binance funding rate, which showed that the derivatives market was less interested in AVAX.
Still, investors can be happy
Even so, the data from CryptoQuant showed that AVAX’s stochastic was oversold, which could lead to more buying pressure.
As of press time, the price of AVAX has gone up a little bit in the last 24 hours, which seems to be the start of a trend reversal.
Content Source: ambcrypto.com
