The NFT Market Hits a Two-Year Low in Trading Volume and User Engagement
The NFT market is currently facing a significant downturn, with the lowest trading volume observed in the past two years. The concerns are further amplified by a decline in the number of users engaged in NFT trading across the entire network.
- The NFT market volume has dropped from $480,738,395 in April 2022 to a meager $10,054,152 at the end of August this year.
- Blur, the zero-fee NFT marketplace, now dominates the market with 58.2% of the weekly volume, surpassing Opensea’s 31.5%.
- The number of users engaging in NFT trading has plummeted to approximately 50,000 users, indicating a decline in interest.
Forbes previously reported that leading NFT collections like CryptoPunks, the Bored Ape Yacht Club, Mutant Apes, and Azukis have experienced significant drops in their floor prices, with some declining by up to 62% in just one month.
Hot Take
The NFT market’s recent downturn in trading volume and user engagement raises concerns about the long-term sustainability and appeal of NFTs. This decline could be a result of market saturation, lack of investor interest, or changing trends within the crypto space. As the market evolves, it will be interesting to see how NFT platforms and artists adapt to revive interest and drive growth in this sector.
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