NFT Trading Volume Drops 97% Amid Sluggish Market

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  • Despite fall, the number of total traders has not decreased nearly as much.
  • The trade volume for Bored Apes was 3,634 ETH in the last week.

From January to September of this year, trade volume for NFTs fell from $17 billion to just $466 million, according to data stored on Dune Analytics, which was initially reported by Bloomberg. That’s a dramatic decline of 97% in only 9 months. Information was gathered from NFT exchanges including OpenSea and NFTX as well as LarvaLabs, LooksRare, SuperRare, Rarible, and Foundation.

This would mean that current transactions are lower than they were in July of last year when the NFT frenzy really took control. OpenSea, the biggest NFT trading platform by volume, has seen revenues decrease 75% compared to only two months prior.

Users Decline But Not Significantly

According to statistics submitted by Dune Analytics user hildobby, although the number of deals has reduced significantly, the number of total traders has not decreased nearly as much. When comparing this year’s high of over 66,000 traders in March to the about 45,000 who were active at the same time in September, it is clear that the number of traders has fluctuated but not that significantly.

However, there has been a general decline in users. Users of OpenSea have decreased by about 5% this month, according to statistics compiled by DappRadar.

Bored Ape Yacht Club, is now ranked below the likes of Terraforms and CryptoPunks, which may account for a large portion of this decline. According to hildobby statistics, the trade volume for Bored Apes was 3,634 ETH in the last week, whereas for Terraform it was 12,202 ETH. More than 8% of market value has been lost by BAYC tokens listed on NFT Price Floor, despite a minor increase in the last few days. Since the crypto market meltdown in May, the current crypto winter has sucked roughly $2 trillion from the sector.

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