Recent developments have brought some positive signals for DeFi and NFT markets, as CoinDesk reports. There has been a modest recovery in both sectors after a two-year decline, giving hope for a better medium-term outlook.
JPMorgan analysts noted that the recent increase in DeFi and NFT activity is a good sign, yet it is still premature to consider it a full recovery.
The experts believe that the growth in the DeFi segment is mainly due to the surge in trading on decentralized exchanges.
Additionally, Lido Finance’s liquid staking has played a significant role in the upward trend.
On the NFT front, the rise in popularity of projects like Ordinals has helped boost the overall market. Several protocols such as Avalanche, Fantom, and Polygon have also implemented their own NFT features.
According to DappRadar, the leading NFT marketplaces have also shown positive growth in the past week. This suggests that there is tentative optimism for the DeFi and NFT sectors.