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Home News

AI-Powered dApps Takes Lead in Web3 Growth as NFT Trading Plummets 63% — New Report

8 March 2025
in News
Reading Time: 3 mins read
106 5
AI-Powered dApps Takes Lead in Web3 Growth as NFT Trading Plummets 63% — New Report

Source: LinkedIn

NFT trading has sharply declined since December 2024, while AI-powered dApps have emerged as the fastest-growing sector in Web3.

According to DappRadar’s Industry Report, NFT trading volume has declined by 63% over the past two months, dropping from $1.36 billion in December to $997 million in January and further down to $498 million in February. Sales also fell by 16% last month, underscoring the ongoing market slowdown.

Despite the broader decline, some NFT collections have remained active. Pudgy Penguins recorded a 25% increase in sales even as prices dropped, while Doodles gained attention with the announcement of its upcoming Solana-based DOOD cryptocurrency. Meanwhile, AI-powered NFT collections like Kaito Genesis have gained traction, with its floor price climbing to 7.65 ETH following a partnership with Azuki.

Meanwhile, AI dApps have surged in adoption. Platforms like LOL reported a 40% increase, reaching 5.1 million users, while Evermoon saw an explosive 988% growth. AI-generated content has also gained momentum, with Fractal Visions recording a 721% surge in adoption.

Similar to NFTs, DeFi sector has also experienced a downturn. Total value locked (TVL)  in the sector fell from $217 billion in January to $168 billion in February, largely due to a drop in liquid staking activity.  Ethereum’s TVL dropped 27% to $97 billion, while Solana suffered the steepest decline, with TVL shrinking 33% to $15.4 billion due to lower activity on Raydium and Jupiter.

However, Berachain managed to defy the broader market downturn, securing $5.05 billion in TVL. Aptos was also among the few chains to register growth, with its TVL rising by 6% to $1.83 billion.

This decline contrasts sharply with the resurgence seen in November last year, when NFT trading volume surged over 20%, reaching $698 million. At the time, Analyst Sara Gherghelas attributed the rebound to rising token prices, improved liquidity, and increased engagement with blue-chip collections like those from Yuga Labs. However, even as trading volume climbed, sales volume fell by 11% to 3 million units, indicating a shift toward higher-value transactions rather than broader market participation.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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