The state of NFTs isn’talldoom and gloom amid the bear market.
The total volume of Ethereum NFT trades has declined by 55% in the past month, from 1.3 million ETH to just 584,000 ETH, according to Nansen data. That’s a drop from just under $2.6 billion to about $672 million, which is roughly a 70% decrease when valued in USD.
Ethereum’s price has fallen about 43% in the past month. “Blue chip” NFT prices haven’t risen to compensate, however, meaning less money is changing hands overall.
Among the top five ranked NFT collections on OpenSea, average prices in ETH have remained more or less stagnant, with Bored Ape Yacht Club NFT prices still hovering around 100 ETH. CryptoPunks are an exception, which saw buy-in floor prices increase 48% in part due to Christie's head of digital sales becoming the Punks’ new brand lead this month.
NFT traders are still buying and selling these unique blockchain tokens that signify ownership over digital art—they’re just buying cheaper ones and “apeing” into free mints like Goblintown, which started a wave of free-to-mint NFT collections centered around bodily waste, nihilism, and memes.
Per CryptoSlam data, the average sale price for an Ethereum NFT went from $2,463 in May to just $703, a 71% decrease. So as the crypto bear market continues, NFTs are being purchased for less overall.
In May, OpenSea saw 1.478 million NFTs sold on its platform. In June, 1.476 million were sold as of Wednesday, meaning it’s quite possible more NFTs will actually be sold this month compared to the month of May. May’s numbers were also heavily propped up by Yuga Labs’ Otherside NFTs, which saw $561 million traded within 24 hours.
When it comes to the total number of traders, OpenSea saw a modest 6.5% increase in registered users who have made at least one transaction on its marketplace, according to Dune data. The number of active traders for Ethereum NFTs has only declined slightly, a 16% decrease from about 422,000 to 354,000.
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The number of weekly active NFT projects seeing sales hasn’t declined much either, according to Nansen data. Compared to last month, the same number of NFT collections—three—are seeing more than 10,000 sales. The number of collections seeing more than a thousand sales is only down 30% this month, from 109 to 76. This means NFT creators, especially in collections with the highest market caps, are still seeing sales.
So while overall volume might be down 55% to 70% in ETH and USD, respectively, traders are still making moves. For now, it looks like NFT enthusiasts haven’t yet lost hope, even though they’re now buying and selling for less.
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NFT trading volume in 2023 was less than half of what it was in 2022. It slid from $26.3 billion down to $11.8 billion, according to a CoinGecko report.
In the dynamic field of Non-Fungible Tokens (NFTs), launching a collection demands more than the conventional marketing tactics. As the NFT market becomes increasingly saturated, relying on the standard playbook may no longer suffice.
What Is Volume in NFT? NFT trading volume is the total number of successfully completed trades in one NFT collection or across the Ethereum network for a specific time period. For example, If a specific Doodles NFT changes hands 1,000 times in an hour, then the hourly traded volume for that NFT is 1,000.
An incredibly efficient way of keeping tabs on specific NFTs or niches within the NFT market is using an NFT tracker. This device serves as a great resource, making sure you stay up-to-date with your hottest collection in town or how your customers are behaving. An NFT tracker helps you never miss a beat.
Yes, the value of many NFTs has significantly declined following their initial surge. This drop is attributed to various factors, including market saturation, decreased speculative trading, and shifts in the broader economic environment.
Heise traces the crash back to the nosedive cryptocurrency took last year. After several high-profile bankruptcies, the collapse of crypto exchange FTX, multiple scandals and the trial of Sam Bankman-Fried, cryptocurrency values tanked almost across the board.
That made the sector almost as valuable as the global art market itself. If 2021 was the boom, then 2022 was the bust. In January 2022, the market reached its dizzying height but by September of that year, trading volumes had fallen by a gigantic 97 per cent.
1. The Merge – $91 Million. The most expensive NFT sold is The Merge, the NFT collection created by digital artist PAK that was sold for $91,806,516 within just 48 hours following its release on December 3, 2021, on the NFT marketplace Nifty Gateway.
The Non-Fungible Tokens (NFTs) have been experiencing a significant decline in their sales over the last month. According to the recent updates, the NFT market has dipped by more than 13% in sales from the previous week.
Statista forecasts from November 2022 indicated that the market as a whole would significantly recover, reach a value of $3.68 billion in 2023, and increase to almost $6.2 billion by 2025.
Ethereum. The most widely used blockchain for NFTs is Ethereum. Because it is highly decentralized, it offers the necessary legal and financial services for transactions without the need for intermediaries. Since Ethereum is well-established and has a large user base, it's great for launching new projects.
According to Zion Market Research, the Non-Fungible Token (NFT) Market Size was valued at $36.12 billion in 2023 and is projected to reach $217.07 billion by the end of 2032, showing a compound annual growth rate of around 22.05% from 2024 to 2032.
Volume of trade is the total quantity of shares or contracts traded for a specified security. It can be measured on any type of security traded during a trading day. Volume of trade or trade volume is measured on stocks, bonds, options contracts, futures contracts, and all types of commodities.
Unpacking the Numbers: Buyers, Sellers, and Transactions
According to data from CryptoSlam, Solana-based NFTs have recorded an all-time sales volume of over $5 billion. That's a staggering figure, and it's only expected to grow as the popularity of NFTs continues to soar.
Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.
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