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NFT trade volume hit USD 2 billion in Feb! Bitcoin Ordinals, Yuga Labs, and Dogetti played a major role

ANI | Updated: Mar 11, 2023 12:24 IST

New Delhi [India], March 11 (ANI/ATK): According to a recent report released by DappRadar, a web3 data platform, NFT trading volume reached 2 billion dollars in February. Though the NFT sales in the market decreased by 32% from January, the trading volume saw a whopping rise of 120%.
In 2014, Kevin Mckoy, a digital artist, made a video clip and registered it on the Namecoin blockchain. He then sold it to Anil Dash, an American technology executive, for 4 dollars. It was the first ever NFT created and sold. Now, the global market size of the NFT is expected to reach more than 211 billion dollars by 2030.
The global market capitalization of the NFT market has seen a massive hike in the last year. In 2020, the NFT market cap was at 85 million dollars, and it jumped to a whopping 20 billion dollars, a 23,449% rise in 2021. But, the market started to fall in 2022. In September 2022, NFT trading volume collapsed by 97% since the beginning of the year. The terrible fall of Terra and its UST, LUNA tokens in May crashed the NFT market.
Since then, the market has never registered 2 billion dollars in trading volume till last month.
Yuga Labs – The Empire Of The NFT Market
Yuga Labs is a US-based blockchain technology company that develops NFTs and digital collectibles. Founded in 2021, the company launched the famous Bored Ape Yacht Club, the largest NFT project at that time. Following the success of BAYC, Yuga Labs launched two more projects in 2021 called Bored Ape Kennel and Mutant Ape Yacht Club. In 2022, the company acquired CryptoPunks and Meebits, two prominent NFT projects in the crypto community, and also launched Otherside, a metaverse project. In the same year, the company introduced its cryptocurrency name Apecoin which acts as a utility token. It is the top NFT token by market capitalization.

Yuga Lab has built an empire using this strong community. According to the report by the DappRadar, Yuga Labs NFT collections contributed 30% of the Ethereum-based NFT trading in February. Its newly released game Donkey Dash, played a major role in raising the NFT trading volume to more than 2 billion dollars in a single month.
Bitcoin Ordinals – New Age NFT

Bitcoin developers have worked for almost a decade to bring non-fungible tokens to the blockchain. Finally, their hard work paid off after the launch of Ordinals in early 2023. This new Ordinal protocol has brought new users to the Bitcoin blockchain, with non-zero bitcoin addresses hitting 44 million on Feb 14.
The Ordinals allow the users to send and receive Satoshi, the smallest denomination of the BTC, that carries optional extra data like text, audio, video, etc. Adding this type of data to Satoshi is called an inscription. The end product of this inscription is called Ordinals or Bitcoin NFT.
The hype created around the Bitcoin Ordinals helped the BTC market to cross $25,000 in mid-February and also took the NFT market to the next level by registering more than 90,000 inscriptions within one month.

Dogetti – The Rising NFT Mafia

Dogetti is the new dog-themed meme-coin in the crypto market. The coin has been attracting more investors in its presale stage with its unique features and new announcements.
DogettiNFT is a part of the Dogetti ecosystem. These NFTs are unique digital assets which can be artwork, collectibles, or memes. These NFT token holders can breed, grow and sell their digital assets on the market in exchange for fiat or other cryptocurrencies to make a profit from it. DogettiNFT also allows the token holders to adopt a puppy which can be used as a digital companion.
Dogetti is planning to introduce Metaverse and Play2Earn, the most advanced and popular projects in the crypto world, into its ecosystem. But, the decision to include these projects will be finalized by the users voting on the proposal.
DETI, the native token of the Dogetti ecosystem, is recording the fastest sales in the first stage of its presale. The users can avail 25% bonus on purchasing this token by using the code WISEGUY 25. Investors are advised to buy the DETI token early, as Dogetti is planning to increase the token price by 300% in the second stage of the presale.
For More on Dogetti (DETI):
This story has been provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)

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