NFT Volumes Fall to a Yearly Low – Trustnodes

The hot NFT market has cooled down significantly, though still handling half a billion a month in volumes, down from the peak of $6 billion in January 2022.

The biggest NFT market, OpenSea, now handles about $14 million a day in trading volumes, down from about $200 million a day.

That makes it a more than 90% drop, but trading volumes appear to have stabilized with it unclear whether a floor of sorts has been found.

Counted by the number of trades, that has slowed down only in June to about 50,000 a day from 200,000.

So NFTs are seeing their first bear market since they gained prominence, with the biggest, BAYC, down 75% from $400,000 to $100,000.

It has maintained that $100,000, after briefly plunging to $50,000 in June, for much of summer. Suggesting they might hold value in the medium and maybe even the long term.

NFTs as a whole also don’t seem to be going anywhere as half a billion in volumes is not an insignificant amount.

In addition, their drop in USD volumes may be in part because eth has fallen, and most of these NFTs are denominated in eth.

The more interesting aspect will be whether they will have another run. Defi bear-ed first in February 2021, and it doesn’t look like it’s bulling anytime soon.

Any NFT bull would be after defi, and arguably both would be after eth shows some signs of maybe thinking of going up.

But for now, that NFTs are just surviving may well be a good sign that this class of assets might be more than a  fad.