Top NFT Blockchains 2023 Volume Not Even Half The 2022 Level

Digital assets are gradually coming back on track but are far from their all time highs recorded in 2021. Trading volume of top ten blockchains in non-fungible token (NFT) market has plunged significantly. It stood at $11.8 Billion, which is only 44 percent of the sales 2022 registered.

Bitcoin Ordials Helped Pushing The Volume

According to data aggregator CoinGecko, these chains managed $26.3 Billion in volume. At the beginning of 2023, it appeared like the market was gaining pace as it saw a meteoric rise between January and February 2023. However, it wasn’t the case as a series of downtrends remained in existence between February and September 2023.

First quarter of the year registered $4.5 Billion in NFT volume followed by $2.7 Billion in Q2 2023 and $1.4 Billion in Q3 2023. However, strong volume in Bitcoin Ordinals helped gain an upper hand in the final quarter of the year as sales rebounded to $3.2 Billion.

All in all, Ethereum (ETH) dominated the volume charts throughout the year, capturing nearly 75 percent of it. However, its dominance has reduced in contrast to 2022 when it reached 90 percent. Bitcoin (BTC) blockchain dominated ETH during December 2023 with $808 Million in sales.

Business insights provider Statista reports that the NFT market saw a 39,000 percent of revenue spike in 2021, which is by far the largest gain for the sector. According to its forecast, it is unlikely that users will see similar growth, but the market is poised to deliver positive growth in upcoming years if the current momentum remains.

Average revenue per user may grow alongside. It fell between 2021 and 2022 from $151.2 to $88.9. It is likely to double by 2027. A trend in the market, according to Statista, is the increasing popularity of digital art, music, and more being sold as NFTs. Notably, there has been a rise in celebrity and athlete NFTs.

As of  March 2023, OpenSea is the dominant force among NFT marketplaces with 87 percent market share. LooksRare, Blur, and X2Y2 combinedly hold just 11 percent. Additionally, the United States has been the major segment for the market’s trading volume and is likely to hold this position for the upcoming years.

NFT data aggregator CryptoSlam shows that Bored Ape Yacht Club (BAYC), a blue chip NFT, has lost the top position which it had held for quite some time. NFT game Axie Infinity (AXS) has replaced them with all time sales of $4.2 Billion while BAYC recorded $3 Billion in sales.

Global NFT sales volume fell by over 12 percent in the past 24 hours to $43.2 Million at the time of writing. Ethereum and Solana (SOL) have dominated this period with $33 Million and $9 Million in sales respectively.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.