NFT trading volume plunges 98% from January despite rise in adoption

Published at: Sept. 28, 2022

According to data compiled from Dune Analytics, the weekly trading volume of nonfungible tokens, or NFTs, across the blockchain realm has plunged to $114.4 million.

This represents a decrease of 98% from the $6.2 billion witnessed around the end of January. Weekly NFT trading volume rose to an all-time high of $146.3 billion in early April before falling off a sharp cliff in May with the start of an ongoing crypto bear market. 

At the same time, however, the number of wallets owning at least one NFT has skyrocketed to 6.14 million, compared to 3.36 million at the end of January. NFT marketplaces also saw a massive change from the beginning of the year, where LooksRare was responsible for most of the dollar trading volume. That has since switched back to OpenSea.io.

The price of NFTs has also fallen sharply as part of a broader plunge in the price of Ethereum (ETH), the most common crypto used to buy and sell digital collectibles. Currently, an NFT only fetches about $285 per sale on average, compared to around $2,000 in early January.

In an interview with Cointelegraph, Tony Ling, founder of NFTGo, said that innovation will continue to drive NFT adoption despite the market downturn. Recently, post offices in Austria have experimented with NFT stamps, while Mastercard has rolled out NFT customized debit cards.

Luxury jeweler Tiffany & Co has also unveiled a customized pendant experience for CryptoPunk NFT holders. Month over month, however, the NFT market continues to worsen as the average NFT weekly trading volume has fallen by about 30% versus the same time in August. 

Tags
Blockchain
Nft
Trading
Cryptocurrencies
Related Posts
Pioneering hardware wallet brings enhanced staking to cold storage
Twelve months ago, the total value of cryptocurrency locked in staking programs was barely more than $1 billion. Today, there is $58 billion locked in decentralized finance, or DeFi. The adoption of DeFi has been a sea change that’s helped push the crypto industry into the mainstream, but it’s hardly the only one. Mainstream institutions including MicroStrategy and Tesla have poured billions of dollars into Bitcoin — and some have been buying the dip — while nonfungible tokens have evolved from CryptoKitties and CypherPunks to an artistic medium pulling in millions in bids for a new generation of digital artists …
Technology / June 8, 2021
NFT marketplace that's built for artists reports blockbuster sales for first week
A new artist-focused NFT trading platform has unveiled a $20 million fund to help artists tokenize and sell their works. In the first week since launch, Revival NFT Marketplace has exploded in popularity, achieving total weekly transaction volumes of $1 million. The first artist to be featured on Revival was Edison Zhang, a well-known Chinese street artist, muralist, and graphic designer. The NFT of his artwork Crowded sold for 255 million LOL tokens — equivalent to $71,135. Another, The Beauty and Pain of Pangolin, sold for almost one million IOST. The IOST-powered Revival NFT platform has been built to be …
Artists / July 28, 2021
‘King of NFTs’ is dominating the crypto rankings — here's why
A decentralized video game and entertainment network dubbed “the king of NFTs” has now surpassed more than three million accounts. Worldwide asset eXchange (known as WAX for short) offers an easy-to-use cloud wallet and a convenient way of creating, buying, selling and trading nonfungible tokens. Congestion on the Ethereum blockchain has prompted a number of developers to start seeking alternatives — and figures from DApp Radar suggest that, toward the end of March, WAX had more active wallets than Tron, EOS, Ethereum and Flow. Alien Worlds, a space exploration game built on WAX, has also cemented its place at the …
Decentralization / May 13, 2021
OpenDAO (SOS), LooksRare (LOOKS) and WTF token: 3 airdrops, with 1 scam
NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, and its latest rival, LooksRare, has eclipsed the platform according to data from DappRadar. What’s clear is that NFT collectors and traders appear to be shifting their sentiment on where they are seeing value. Since the start of 2022 there's been an emphasis on “community” with a buzz and advocacy of rewarding users for their participation. OpenSea has already generated more than $3.2 billion in total volume despite many NFT traders feeling that the marketplace betrayed …
Adoption / Jan. 21, 2022
What are crypto whale trackers and how do they work?
What are the common crypto whale tracking tools? Whale tracking tools like Whale Watchers, Whale Bot Alerts and others can help investors spot whale action and make quick and timely decisions. Whale tracking tools come with different capabilities, some can be just a simple window on top of a blockchain, while others have analytics and charting capabilities across multiple blockchains. Some only cover crypto whale tracking, while others offer NFT whale tracking too. Various analytics tools offer just simple analytics and notifications on whale activities, while others provide users with more comprehensive learning opportunities on charts and analytics. Some just …
Blockchain / Nov. 6, 2022