The Stumbling NFT Market
Another month has passed in the crypto world. Every single day, we are getting closer to ‘The Merge’. Recently, the price graph of Ether(ETH) has started getting into a good shape. But according to the data of OpenSea marketplace, Ethereum NFTs are not performing any better. The commodities are still selling at approximately the same price points that they were during the extreme bear market. It’s important to note that the number of unique NFT users are growing steadily, even though the the total selling value of the tokens have crashed drastically.
According to various sources, the number of sold NFTs in July is around 1.61 million. This figure was 1.54 during the month of June. This proves the increasing sales in the sector. Also, the number of unique traders have surged up from 393,000 to 400,000 in a month. The sales data might show the growing market conditions, until the value measured in dollars are taken into consideration. During the month of June, Ethereum NFTs worth 695 million USD were traded in the marketplace. This data point has fell down straight to 495 million USD.
Ethereum is Not Alone in The Sinking Ship
The NFT industry has grown a lot since its inception. Especially, the crypto boom in 2021 has pushed the market powerfully towards mass adoption. According to various sources, the total trade volume of NFTs in 2021 was 25 billion USD, which became 20 billion USD in just the first half of 2022. There are a lot of NFT marketplaces in the world, even though OpenSea rocks the group around 82% of the global trade volume.
If you think, the bear market has affected Ethereum the most, note that the NFT trading activity on the Solana blockchain has performed far worse than Ethereum itself. Solana NFT, which once had a volume of 91.5 million USD, has crashed down to reach 52.4 million USD.
Source: https://www.thecoinrepublic.com/2022/07/30/trade-activities-in-ethereum-nfts-crashing-significantly/