Crypto News

NFT Market Slows Down as Trading Volume Drops Significantly

Published by
Nonhlanhla P Dube
  • The market cap of NFTs fell by 1.98% to $9.32M and the volume of NFTs traded over a seven-day period dropped significantly by 24.42% to 121.04K ETH in the third week of April.
  • The number of NFT holders increased slightly by 0.27% to 4.352M, but the number of traders fell by 34.44% to 67.795K, indicating a slowdown in trading activity. Consumer interest in NFTs may be diminishing, possibly due to market sentiment, price changes, or changes in consumer behavior.
  • There was a significant drop in the number of unique active wallets and trading activity on the OpenSea platform and a decline in investor interest or investors withdrawing funds from the Blur platform. Solanart and OpenSea saw a significant drop in the NFT marketplace during the third week of April.

In the third week of April, the cryptocurrency market experienced a dip in value, with Bitcoin and Ethereum being no exception. The drop in Bitcoin’s value below $29,000 suggested a short-term negative trend, while Ethereum appeared to have stabilized around $1,900, indicating a possible recovery in the coming days. The effect of this dip on NFTs was not immediately clear, so let’s take a closer look at the state of the NFT market.

NFT Market Cap & Volume

During the third week of April, the market cap of NFTs fell by 1.98% to $9.32M, indicating a slight decline in the value of NFTs. Additionally, the volume of NFTs traded over a seven-day period dropped significantly by 24.42% to 121.04K ETH.

Mixed Counts in NFT Market Continue

The NFT market showed similar trading trends to the second week of April. While the number of NFT holders increased by 0.27% to 4.352M, the number of traders fell by 34.44% to 67.795K, indicating a slowdown in trading activity. In addition, the number of buyers and sellers decreased by 32.03% and 39.32%, respectively, to 37.83K and 43.798K in the third week of April. These figures suggest that consumer interest in NFTs may be diminishing, possibly due to market sentiment, price changes, or changes in consumer behavior.

On the OpenSea platform, there was a significant drop in the number of unique active wallets, which decreased by 29.77% to 49.81k. A significant slowdown in trading activity on the platform was also observed, with the number of transactions falling by 44.87% to 109.92k. Trading volume on the platform also fell by 21.1% to $41.65M, indicating that users traded less frequently during the third week of April. However, the smart contract balance on the platform increased by 1.19% to $74.37k. These figures may point to a potential decline in user interest or a shift away from one NFT trading platform in favor of another.

Loss in Blur Activity

During the third week of April, the number of active users on the Blur platform fell by 29.08% to 20.37k, while the number of transactions dropped by 34% to 67.19k. In addition, the smart contract balance decreased by 23.5% to $98.99M. These figures may suggest a decline in investor interest or investors withdrawing funds from the platform. However, trading volume increased significantly by 18.44% to $289.87M. The increase in trading volume may indicate that fewer investors are making bigger trades or that new investors are entering the market, despite the decline in active users and transactions.

Decline in Solana NFTs

Solanart and OpenSea saw a significant drop in the NFT marketplace during the third week of April. The average price for Solanart dropped by 21.61% to $53.64, and there were only 140 traders. The trading volume drastically decreased by 82.96% to $11.15k. OpenSea, on the other hand, saw a 62.32% decline in average price to $27.55 and a 7.41% decline in trading volume to $26.81k. The number of traders, however, remained stable at 361.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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