The past 30 days have seen a drop in trading volumes and prices for most non-fungible token (NFT) projects, likely due to the prolonged bear market of 2022 and Q1 2023.
according to data From blockchain analytics firm IntoTheBlock, only six of the top 20 NFT pools by market capitalization have recorded an increase in trading volumes over the past 30 days. The remaining groups saw significant decreases, ranging from 20% to 99%.
NFT trading volume is giving up
The trading volume of the popular NFT pool CryptoPunks, which is the second largest by market capitalization, has decreased by 60.30% over the past month. Other top digital holdings, such as Mutant Ape Yacht Club, Otherdeed, Moonbirds, and Doodles, also declined by 20.16%, 53.09%, 73.57%, and 63.55%, respectively.
In addition, the ninth largest pool by market cap, Sewer Pass, launched by NFT subsidiary Yuga Labs, saw a staggering 99.16% drop in its trading volume.
In contrast, Captainz’s NFT pool recorded the highest increase in trading volume at 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT pool by market capitalization, saw a 24.67% increase in trading volume. Other projects such as Azuki, Autoglyphs, and Meebits also saw their trading volumes increase by 24.49%, 14.70%, and 2.48%, respectively.
While some NFT projects recorded an increase in trading volume, only four out of 20 pools saw a price hike over the same period. Bored Ape Yacht Club (BAYC) and Meebits prices fell by 16.42% and 24.18%, respectively, despite higher volumes. In contrast, CryptoPunks price increased by 2.37% despite the decrease in trading volume.
Meanwhile, Azuki, Autoglyphs, and Captainz were the only groups that experienced growth across the board, with price gains of 5.29%, 1.44%, and 36.60%, respectively, accompanied by a rise in their trading volumes.
The NFT market is still growing
Despite recent poor performance, the non-fungible token (NFT) industry continues to grow and develop. As I mentioned Potato encryption Earlier this month, the digital collectibles market had a strong start to the year.
According to the report, the first quarter of 2023 was the best quarter since the second quarter of 2022, as NFT trading volume increased by 137% to $4.7 billion. In addition, NFT sales for the last quarter were 19.4 million, an increase of 8.56% from the fourth quarter of 2022.
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