Decentraland [MANA] and FET See Greater On-Chain Activity

Decentraland [MANA] led the NFT project development activity chart over the last month. Past 30 days saw Flow [FLOW] get surpassed and Artificial Intelligence Alliance [FET] saw a الكبير hike in dev activity, climbing up the ranks. Notably, the latter saw a hike in dev activity over the last month.

According to Santiment Insights, the NFT market ended 2024 with a total sales volume that saw an uptick of 1.1% from its 2023 volume. Out of this figure, almost a tenth of the volume was accrued in December, thanks to renewed interest in Ethereum [ETH] and growing NFT enthusiasm.

However, some major players opted to exit the NFT market. A few examples included crypto exchange Kraken and Nike-acquired NFT brand RTFKT. While 2024 saw some growth for the sector, analysts predicted expanded use cases for NFTs in physical asset ownership, which could usher in a new phase of adoption.

Decentraland, FET see greater on-chain activity

According to Santiment, FET was among the most well-known projects in the AI sector. Its forays into the NFT category included the public beta launch for Resonate. Furthermore, while technology and platforms of the Artificial Superintelligence Alliance were not directly affiliated with NFTs, they could intersect with NFT applications and foster growth.

Due to FET’s larger size and popularity, the daily activity count was higher than MANA. However, trends in activity were largely similar for both tokens over the last three months. The last two days saw increased activity as well.

The supply distribution for MANA showed that some of the larger cohorts of holders had been accumulating the token since late November. The 100k-10 million group in particular was an encouraging sight. The increased number of wallets holding these amounts of MANA indicated accumulation, while the shrimp wallets with 100 or fewer MANA fell in number.

FET also had a similar accumulation trend among larger holders. Wallets with 100-10 million FET rose in number since the start of December. With planned token burns and deflationary pressure on the Artificial Superintelligence Alliance ecosystem, sustained accumulation indicated steady demand.