Where are the NFTs? Key trends during the bear market

The recent bear market has had far-reaching effects on every cryptocurrency sector, and new data suggests that the NFT subsidiary has also been hit.

Data from Dune Analytics shows that NFT trading volume has so far fallen by 97% since the beginning of the year. In January, the trading volume peaked at $ 17 billion, but that figure has now dropped significantly to $ 470 million.

This decline comes as no surprise, knowing that it was clearly announced before the bear market even took hold. Since peak trading volume in January, interest in NFTs has gradually declined, with Google search trends and the number of unique wallets per day declining.

The volume of the main NFTs in the sector decreased

This decline is all the more noticeable as Ethereum Names Service (ENS) sales volume has increased 133.95% over the past 30 days. By comparison, the sales volume of major NFTs such as Bored Apes, CryptoPunks, Azuki, etc. I’m in red.

However, Bored Ape still has the highest monthly sales among NFTs, but its trading volume is down 42.96%. For their part, based on the available data, CryptoPunk is down 21.24% and Mutant Ape is down 29.95%.

At the same time, the recent market crash also played a role in the decline in the US dollar value of these NFTs. In ETH, the industry’s top 100 NFTs by market cap saw their value drop by 27%, while the decline in USD is 44%.

On-chain data remains bullish

A report by DappRadar showed that despite the significant market decline, on-chain data suggests the NFT industry remains optimistic.

In fact, according to the report, the number of unique NFT traders in the third quarter of 2022 increased by 36% from the previous year.

The report also highlighted the growth of other blockchain networks that support non-fungible tokens. In the third quarter, Ethereum NFTs accounted for 91% of the total transaction volume, but only 26.2% of the number of sales.

Même avec la baisse de intérêt ainsi que de la valeur des crypto actifs, le marché a tout de même connu la vente du CryptoPunk # 2924 pour 3 300 ETH, soit 4,4 millions de dollars, il ya de cela quelques jours only . This makes it the fourth most expensive CryptoPunk in the collection.

Solana dominates GameFi

While interest in NFTs in general appears to have waned, the GameFi market is seeing growing interest. In August, the number of unique active portfolios (UAWs) recorded daily in this sector stood at 847,000, while Solana saw a continued rise in UAW, with a 21% growth in monthly statistics.

Source: Dapp radar


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