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NFT trading volume down 97% from 2022 high

by Chief editor

Data shows that NFT trading volume is down 97% after hitting a record high in January 2022.

Dune Analytics statistics show that trading volume fell from $17 billion in early 2022 to $466 million in September.

NFT market goes into recession
Two trillion dollars withdrawn from the cryptocurrency market and a rapid tightening of monetary policy have contributed to the fading excitement around NFT.

The major NFT marketplaces have also witnessed a recession. Last month, NFT trading volume on OpenSea was down 90% from a peak of $4.85 billion in January 2022. Other trading venues such as LooksRare, Rarible, SuperRare and Magic Eden recorded similar declines in activity.

As part of the larger decline in Ethereum (ETH), the price of NFT has also fallen significantly. In contrast to early January, when NFTs averaged more than $2,000 per transaction, the average price of non-interchangeable tokens is now just $285.

According to an NFT market survey published on August 7 by Footprint Analytics, NFT trading volume fell 40% in the second quarter, mainly due to waning investor interest. A DEXterlab survey found that more than 30% of cryptocurrency users will “never buy” NFT.

The downside
The frenzy in the NFT market has reversed to a phase of normalisation – projects are looking for options to use NFT.

But at the same time, the number of wallets with at least one NFT has increased dramatically, from 3.36 million at the end of January to 6.14 million today.

Non-exchangeable tokens have revolutionised the industry by providing the ability to turn physical assets into digital assets, eliminating intermediaries and shortening supply chains.

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