Will Avalanche NFTs help AVAX see green?

January 8, 2024

By Himalay Patel

• Avalanche’s NFT sector experienced robust growth of late.

• However, the ecosystem faced challenges in the DeFi sector.

Active addresses on the Avalanche NFT network experienced significant growth as per a tweet by Emperor Osmo on the 7th of January, indicating a heightened engagement with the platform.

The rise in NFT popularity on Avalanche can attributed to the success of blue-chip collections like Dreamheadz and Dokyoworld, which have seen a substantial increase in interest.

This surge in NFT activity has the potential to positively impact the overall health of the Avalanche network, fostering a vibrant ecosystem.

DeFi sector faced challenges

However, despite the flourishing NFT sector, certain aspects of the Avalanche network, particularly in the DeFi space, faced challenges.

Notably, Total Value Locked (TVL) and decentralized exchange (DEX) volumes on the network experienced a massive decline in recent weeks.

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