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The State of NFTs: Key Trends During the Bear Market

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The recent bear market has affected all cryptocurrency sectors, and new data suggests that the NFT sector is also affected.

sand dunes analysis data shows that NFT trading volume is currently down 97% year-to-date. Trading volumes he peaked at $17 billion in January, but now he’s down significantly to $470 million.

The decline is not surprising given that there were clear signs of a bear market even before it began, with interest in NFTs dropping since trading volumes peaked in January. declined The trend of Google searches and the number of unique wallets every day is gradually decreasing.

Decrease in sales volume of high-quality NFTs

Making this decrease even more pronounced is the sales volume for ethereum Names Service has grown 133.95% in the last 30 days. In comparison, the sales volume of quality NFTs such as Bored Apes, CryptoPunks, and Azuki are in the red.

but boring monkey It remains the highest-grossing NFT in a month, but its trading volume has decreased by 42.96%. According to available data, CryptoPunk decreased by 21.24% and Mutant Ape by 29.95%.

Meanwhile, the recent market crash has also played a role in declining USD values ​​for these NFTs. In ETH, the top 100 market cap NFTs found their worth Descent A 27% decline, while the USD is down 44%.

On-Chain Indicators Remain Bullish

According to a report by DappRadar, on-chain indicators show the NFT industry remains bullish despite a significant market decline.

According to the report, the number of unique traders in the third quarter of 2022 increased by 36% year-on-year.

The report also highlights the growth of other NFT-compatible blockchain networks. In Q3, Ethereum NFTs accounted for 91% of total trading volume, but only 26.2% of revenue.

Even as Interest and Value in Crypto Assets Declines, Markets Still Sale CryptoPunk #2924’s 3,300 ETH is $4.4 million, just a few days ago. This makes it the fourth most expensive CryptoPunk.

Solana dominates GameFi

Interest in NFTs in general may be declining, but the GameFi market see the growing interestIn August, the number of unique active wallets (UAW) registered daily in this sector was 847,000. Solana Look at the continuous rise In UAW showing 21% growth in monthly indicators.

Source: DappRadar

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