NFT trading volume plunges by 98% since early 2022. Recently, it was found that despite rise in the number of wallets owning NFTs, data showed a worrying drop in NFT’s trading volume.
According to data compiled by DuneAnalytics, the total trading volume of NFTs this year has dropped from $17 billion back in January to just $466 million in September, marking an almost 98% decrease within just 9 months.
These numbers were compiled from data from a number of different NFT marketplaces, including OpenSea, LooksRare, Rarible, SuperRare, Foundation, NFTX, and LarvaLabs.
Supporting this data, earlier reports from this month also found that one of the biggest NFT marketplaces in the space by volume, OpenSea, recorded a 75% sales drop compared to the month of July.
There has been a decrease of 98% in NFT trading from the $6.2 billion witnessed around the end of January.
At the same time, however, the number of wallets owning at least one NFT has rose to 6.14 million, compared to 3.36 million at the end of January, per Cointelegraph.
— unusual_whales (@unusual_whales) September 29, 2022
One of the biggest reasons for this drop in trading volume could arguably be due to the current bear market, which had reportedly wiped out $2 trillion in the crypto sector since May’s crypto crash.
With Ethereum prices way down, CoinTelegraph notes that each NFT now only sells for around $285 on average in comparison to $2,000 in early January.
Total Traders & NFT Adoption
DuneAnalytics data also show however, that despite the massive drop in NFT trading volume, the total amount of traders hasn’t necessarily dropped by that much. In March’s peak, there was a reported 66,000 total NFT traders, whereas September recorded around 42,000 total traders.
Aside from that, it’s also noted that the number of wallets holding an NFT has actually surprisingly increased within this past year.
In January, there was a recorded 3.36 million wallets that held at least one NFT, whereas in September, the number of wallets that held at least one NFT increased to 6.14 million.
Despite the massive drops in trading volumes recorded this past year, multiple NFT marketplaces are trying multiple ways to continue engaging the community in selling, buying and trading NFTs. The most recent one being OpenSea, which had hinted at implementing more blockchains in its platform in the future.
With more and more blockchains being available and easily tradable on multiple platforms, some in the community are hopeful that we may see NFTs trading volumes and overall price begin to pick back up again.