Latest data, NFT trading in the previous month fell more than 86.7% compared to January. considered the lowest this year. And this month is likely to drop even further, breaking another record low this year.
According to Cryptoslam, this month’s 18-day NFT sales were $300 million, which is less than half the $633 million the month before. Most of the sales come from blue chip collections like Bored Ape, Otherdeed, ENS, CryptoPunksk, Clone X, and new and trending collections like y00ts, DigiDaigaku, Renga.
Additionally, data from DappRadar indicates that NFT trading volumes over the past 30 days on OpenSea have dropped by 33.19%, while on Magic Eden it has increased by 76.11%, bringing the previous trading volume a 10x difference. Now less than 4 times apart, it is considered a pair that will be very interesting to see how the end of the year will be. LooksRare at the beginning of the year is hot, the volume has dropped by 6.92%, now it has fallen to the 6th position.
Trading on Solana has already started to rise, in contrast to Ethereum, rising from $64.8 million last month to $71.4 million. This month, after 18 days, it was $84 million higher than the previous month. Lar, unlike Ethereum, has been steadily declining until last month it was trading at $502.7 million and this month it has only traded $183.7 million.
Since the crypto market has slowed down, NFT trading has declined dramatically. Although The Merge has just had some success, the price of ETH has dropped further, keeping the market from recovering as many have expected.
This year, big brands have started to take NFT more seriously in their business. Recently, Line will launch its own NFT platform and plans to launch it in Thailand as well. Sorare, the world’s largest football NFT game, has partnered with the NBA. Taking basketball-themed NFT games to compete with NBA Top Shot on the Metaverse side, fashion is still going strong and the virtual world continues to attract big banks after DBS just stepped into The Sandbox early next year. The most exciting thing is Disney to launch Metaverse on the Disney+ platform to allow people around the world to go on a virtual theme park tour.
Reference numbers: cryptoslam, Dappradar NFT Easy