How bad are trading volumes for NFTs?
According to data compiled by Dune Analytics, the weekly trading volume of NFTs dropped to $114 million in September. This is a massive drop of 98 percent, considering that the weekly trading volumes at the end of January were still around $6.2 billion.
The analysis carried out by Dune included a host of NFT platforms such as OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible, and Foundation. It also showed an unexpected change when the platform LooksRare bagged the top spot in terms of trading volume from OpenSea for a brief period of time.
Trading volumes, however, have reduced across platforms with even OpenSea seeing a 75 percent drop in its sales from just two months ago. It is likely that the drop in the price of the cryptocurrency, especially ETH, which is preferred for NFT transactions, may also be responsible.
In early January, prior to the cryptocurrency crash, an average NFT sale was around $2,000, while it has now dropped to $285.
All is not lost. Yet
The numbers might look grim and sound like the end of the NFT boom. However, all does not seem to be lost yet. The analysis also showed that the number of traders in the NFT marketplace was still significant. In March, as many as 66,000 traders occupied the NFT marketplaces and the numbers dropped only to 42,000 as of September, near about the traders that were actively trading in March, the Gizmodo report said.