NFT Volume Down 93% Since January, Is This The Beginning Of The End?

2022-7-4 20:00

NFT trading volume had seen a wild uptick back in the bull runs of 2021. By the start of 2022, the market had begun to reach its peak as interest blossomed. However, after hitting an all-time high in January of 2022, the volume had begun to dwindle. The following months would see lower values and by June, it was down 93% from its ATH. This decline has raised concerns regarding where the future of NFTs lie.

Is NFT Dying?

The volume that was recorded in January and the months leading up to it had been during the bull market. Hence, more people were willing to risk money for these ‘jpegs.’ It is also noteworthy to mention that the dollar volumes were so high because the prices of digital assets such as Ethereum and Solana had been on the rise. However, by June when the market crash had occurred, the dollar value of the traded NFT had plummeted.

Related Reading | Snoop Dogg Still Bullish On Ethereum Despite NFT Trades Declining 70%

Looking at the charts, it shows that the total NFT traded volume across all of the marketplaces had reached $16.57 billion in a single month. The month of June was a long way from this with only $1.03 billion in NFT trades recorded for the month. This inadvertently shows that interest in the space is declining.

NFT collections grow 15k | Source: IntoTheBlock

Despite the declining interest, the number of collections being launched has not slowed down in any way. Data shows that more than 15,000 NFT collections were launched in the month of June alone compared to about 13,000 collections for the previous month.

OpenSea Continues To Dominate

Through the uptrends and downtrends, OpenSea has maintained its lead when it comes to NFT trading. It has made its mark as the first major NFT trading platform in the space and as such remains highly favored among investors. The addition of other networks such as the Solana network has also helped grow its popularity in the market. This does not mean that the marketplace is without competition though.

Contenders such as LooksRare have been rapidly stealing market share from OpenSea, and with the launch of the NFT marketplace early in the year, it had successfully stolen the majority of its market share. Although only for a while.

Related Reading | Is Coinbase Losing Its Edge? Nano Bitcoin Futures Sees Low Interest

Presently, OpenSea maintains more than 55% of all of the NFT volume recorded for the previous month. LooksRare which is quickly becoming an investor favorite due to its rewards accounts for 32.45%. Magic Eden, the no 1 Solana NFT marketplace, accounts for 12.49% of the total market share.

As trading volume is expected to dwindle over the next couple of months, it is expected that these platforms will be locked in a fierce battle for dominance of the NFT space.

Featured image from Forbes, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Volume Network (VOL) на Currencies.ru

$ 0.0001001 (-0.02%)
Объем 24H $0
Изменеия 24h: 0.10 %, 7d: 0.11 %
Cегодня L: $0.0001001 - H: $0.0001001
Капитализация $0 Rank 3549
Доступно / Всего 0 VOL

had volume begun nft 2022 january hitting

had volume → Результатов: 126


Фото:

Bybit Crypto Exchange Integrates Ethereum L2 Scaling Solution Arbitrum

Leading cryptocurrency exchange platform Bybit today announced its integration with Ethereum Layer 2 (L2) scaling solution Arbitrum. Bybit Goes Live on Arbitrum Bybit, one of the fastest going crypto exchanges in the world in terms of reported trading volume and user growth today announced it had successfully completed the integration with Arbitrum. For the uninitiated,Read More

2022-1-28 17:00


Фото:

Binance Now Supports Layer 2 ETH Deposits with Arbitrum One Mainnet Integration

Leading cryptocurrency exchange Binance is the first major trading platform to introduce support for Ethereum Layer-2 scaling solution Arbitrum. Binance Now Supports the Arbitrum Network Binance, a leading cryptocurrency trading platform by reported trading volume recently announced that it had integrated support for the Arbitrum One core network along with opening deposits for ether (ETH)Read More

2021-11-21 16:00


Only 0.02% of Stimulus Checks Spent on Bitcoin, says Cleveland Fed

EIPs had a 3. 8% increase, a “significant but modest” effect in the volume of BTC/USD buy trading volume, same as in Japan, Singapore, and South Korea, which was limited to younger people. As such, policymakers shouldn’t be concerned about money being diverted to crypto when considering similar economic relief programs in the future, the Fed said.

2021-7-22 17:57


Фото:

FTX Crypto Exchange Raises $900 in Latest Funding Round at $18 Billion Market Valuation

One of the largest crypto exchanges by reported trading volume, FTX today announced it had raised $900 million in Series B funding round. FTX Raises a Whopping $900 Million FTX, a Hong Kong-based crypto exchange that has been dominating the headlines in the crypto industry of late today closed its Series B funding round wherebyRead More

2021-7-21 09:00


Фото:

Dogecoin Shaves Off $60 Billion In One Month, But DOGE HODLers Are Bullish For These Significant Reasons

At the time of this writing, Dogecoin has garnered gains of 15%, a major recovery from yesterday’s low, although the 7 day losses are still above 33%. The cryptocurrency market turned green at the later part of yesterday, and leading altcoins like Dogecoin followed suit as trading volume climbed up swiftly. Although the asset had […]

2021-6-24 19:41


Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens. Ethereum Network Congestion Fingered as the Culprit for the Temporary Halt Through the official Binance Twitter account, one of the world’s largest cryptocurrency exchanges by volume, announced that it had “temporarily suspended withdrawals of $ETH and ethereum-based […]

2021-2-23 03:00


Фото:

Data Shows Interest in Ethereum is Crashing; Here’s Why This is Bullish

Bitcoin has been causing the entire crypto market to see some uncertainty, which has had grave impacts on Ethereum and many other altcoins Ethereum is now consolidating alongside the benchmark crypto as it trades within the $350 region Where it trends next will likely depend on whether Bitcoin breaks out, or breaks down, from its range between $10,600 and $10,800 One analytics platform is noting that data shows Ethereum’s social volume is crashing at the […]

2020-10-1 23:00