NFT Volume on Hedera Skyrockets Despite Brutal Bear Market

29 November 2022, 10:15 GMT+0000
Updated by Kyle Baird
29 November 2022, 10:15 GMT+0000
In Brief
  • NFT collections on Hedera are hitting milestones.
  • The Zuse Market on Hedera recently crossed over 100 million in HBAR volume.
  • Hedera experienced a 171% increase in TVL quarter-over-quarter at the end of Q3.
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NFT collections on Hedera are growing significantly, with multiple collections doubling in volume. The top NFT marketplace crossed over 100 million in HBAR volume a few days ago.

The NFT market on the Hedera appears to be exhibiting healthy growth, with multiple collections hitting milestone transaction volumes. Among them is the Hangry Barboons collection, which crossed $2.1 million in HBAR volume in the last 30 days.

Other collections which have been on the rise are the Planck Epoch, Return Pass, and Gangsters Paradise. The latter has been especially strong in the last month, with over 1.6 million HBAR volume. The top collections on the marketplace are Dead Pixels Ghost Club, Hangry Barboons, CyberHedera Gen 1, and HBAR Shady’z Gen-01.

NFTs on Hedera NFT marketplace
NFTs on Zuse market: Zuse

So far, NFTs on Zuse Market have topped volumes of over 100 million, hitting the milestone on Nov. 24. Unique weekly buyers on Zuse Market vary between 200 and 600, while unique sellers average at around 1,400.

Zuse Market is an NFT launchpad and marketplace built on Hedera. The marketplace launched in February 2022 and has made considerable progress since then, ramping up the volume since Q2 2022.

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Hedera was in the news in Q3 for the fact that LG announced the launch of LG Art Lab, which is built on Hedera. The company is a member of the Hedera Governing Council.

Hedera experienced strong TVL growth in Q3

Hedera has also experienced a spike in its total value locked in. Currently, that figure stands at $23.3 million, with liquid staking solution Stader accounting for the bulk of it. DEXs SaucerSwap, HeliSWap, and Bubbleswap account for most of the remainder in volume. Hedera has been adding a steady 10–15% growth month-over-month in terms of TVL.

At the end of Q3, Hedra had over $100 million in TVL, which was a 171% increase quarter-over-quarter. Since the market crash, those numbers have fallen, but the HBAR price indicates there is optimism in the community.

HBAR goes up on positive news

The price of the native HBAR asset has jumped up fairly noticeably in the past seven days. It started last week at $0.044 but has trended up to $0.0495 — an 11% increase.

HBAR/USDT Price on TradingView
HBAR/USDT chart by TradingView

One reason for this price bump in recent months is the fact that native HBAR staking launched in October. The HBAR token has been the beneficiary of a slew of good news in recent months, starting with a Coinbase listing.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.