The decline in trading volume of non-fungible tokens and the volume of locked funds in DeFi projects continued for almost 2 years. However, in recent months the figures have been increasing.
“We have no doubt that the recent revival of activity in the DeFi and NFT spaces is a positive sign, but it is too early to be overly optimistic about this. So far, these are only preliminary signs of revival,” noted a team of JPMorgan analysts led by Nikolaos Panigirtzoglou.
In their report, bank representatives note that the increase in trading volume and blocked assets is quite natural – revival and growth in volumes are observed throughout the cryptocurrency market. In addition, the growth of the DeFi sphere since the beginning of the year has been helped by the launch of liquid staking in Lido and other projects.
Analysts also noted that the emergence of new DeFi protocols, new blockchains and NFT trading platforms, including Aptos, Sui, Sei, Blur and Celestia, is “encouraging.” Additionally, upcoming updates to the Ethereum network could help address the scalability issue and spur growth in the NFT and DeFi spaces.
Disney Corporation recently announced plans to launch an NFT platform that will feature non-fungible tokens in the form of Disney, Pixar and Star Wars characters.
Source: Bits
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