NFT trading users and overall transactions have hit a new low in the last year

NFT trading users and overall transactions have hit a new low in the last year

The SeaLaunch data panel shows that the number of NFT trading users and transactions in the entire market hit a new low in the past year. 

NFT trading users are declining

The Sea Launch data panel has revealed a declining number of NFT trading users and transactions, whereby it hit a new low in the last year. In addition, NFT traders’ and ordinary users’ trading interest has decreased sharply.

The drop can be attributed, according to SeaLaunch, to high gas costs that have been abnormally high due to the MEV bot sandwicher and network activity. Other factors were the meme coins boost in the last few days and the asset rotation owing to tax payments.

Then, they analyzed the types of users of each NFT marketplace according to their NFT market trading. Interestingly, all types of users, from heavy traders to “normal” NFT traders, are decaying at the same rate. 

The general decay is most likely a result of macro scenarios such as tax payment liquidity issues and high gas prices instead of a change in a trading pattern like a reduction of airdrop farming trading. 

Meanwhile, less than 10,000 wallets are now across Blur, OpenSea Pro, LooksRare, OpenSea, and other marketplaces.

The NFT market is experiencing a resurgence

The NFT market has had a resurgence over the past few months compared to 2022, when the market fell alongside the crypto market. During the 2023 Q1, the market reached $4.7 billion in sales. 

Dappradar data showed a 42% increase in NFT sales in the last month, totaling 9.2 million. Meanwhile, ethereum remains the dominant NFT market blockchain, with about 78% of all trades.

Meanwhile, top NFTs such as Cool Cats, y00ts, and Mutant Apes have lost value. The Cool Cats floor price has decreased by over 60% in the last three months. Meanwhile, y00ts has lost 16% of its value over the last week, while Mutant Apes has lost around 10% in the last week, with the floor price down 6% on the last day.

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