NFT trade slumps as sales record an all-time low in two years

NFT trade slumps as sales record an all-time low in two years

The recent market slump has caused low interest in NFTs necessitating most traders to quit, hitting the lowest level recorded since July 2021. Blue Chip NFTs have been recording low values since the start of the year.

A big slump in NFT trades

The crypto winter persists in the non-fungible token (NFT) space as the number of traders diminishes following the waning interest in digital assets. Dune Analytics data indicate that there has been a 67% decline one year down the line.

Sales volumes across popular marketplaces have also drastically declined at a worrying rate since February. OpenSea, one of the leading NFT marketplaces, has shown a 67% drop as it keeps on struggling with the rise of Blur. However, the decline rises from disregarding NFT as an investment opportunity.

The number of weekly traders. Source: Dune Analytics 

To the dismay of many, the number of transactions in most NFT marketplaces has decreased. For instance, the number of sales recorded on OpenSea has dwindled by 83% since January. Additionally, Dune Analytics data indicate a  91% drop in sales through Blur.

Overall NFT market standings

The drop in the NFT trading activities does not spell doom to the entire NFT space following an increased level of general market capitalization by 16%. Data from NFTGo put the current market cap at $7.69 billion.

Although popular marketplaces have recorded a decline in sales volume since February, the valuation of the whole market sales indicates a pump of 141%, amounting to $5.44 billion.

Blue Chip NFTs, collections considered to pose low risks while yielding high value, have witnessed a dump in the last few months, even if there is a growth in general market capitalization. NFTGo data indicate a 22% dwindle for Blue Chip NFTs since January.

The market slump has seen most popular brands like Bored Ape Yacht Club (BAYC) and CryptoPunks drop their floor prices in the past five months. BAYC currently trades at a floor price of 46.95 ETH, a 32% drop in five months. On the other hand, CryptoPunks’ price has dwindled by 24%.

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