The recent bear market has had far-reaching effects on every crypto sector, and new data suggests that the NFT branch has also been affected.
Data from Dune Analytics shows that NFT trading volume is down 97% so far this year. In January, trading volume peaked at $17 billion, but that figure has now dropped significantly to $470 million.
This drop is not surprising, knowing that it was clearly announced before the bear market even took hold. Since the peak of trading volume in January, interest in NFTs has gradually declined, with a drop in Google search trends as well as the number of daily unique wallets.
The volume of the main NFTs in the sector is down
This decline is all the more evident as the sales volume of Ethereum Names Service (ENS) has increased by 133.95% in the last 30 days. In comparison, the sales volume of leading NFTs like Bored Apes, CryptoPunks, Azuki, etc. are in the red.
However, Bored Ape still has the highest month-on-month sales among NFTs, but its trading volume is down 42.96%. For their part, based on available data, CryptoPunk is down 21.24% and Mutant Ape is down 29.95%.
At the same time, the recent market crash also played a role in the drop in the US dollar value of these NFTs. In ETH, the top 100 NFTs in the industry by market capitalization saw their decrease value 27%, while the drop in USD is 44%.
On-chain data remains bullish
A report from DappRadar showed that despite the significant market decline, on-chain data suggests that the NFT industry remains optimistic.
Indeed, according to the report, the number of unique NFT traders in the third quarter of 2022 increased by 36% compared to the previous year.
The report also highlighted the growth of other blockchain networks supporting non-fungible tokens. In Q3, Ethereum NFTs accounted for 91% of the total transaction volume, but only 26.2% of the number of sales.
Even with the decline in interest as well as the value of crypto assets, the market still saw the sale of CryptoPunk #2924 for 3,300 ETH, or $4.4 million, a few days ago. only. This makes it the fourth most expensive CryptoPunk in the collection.
Solana dominates GameFi
While interest in NFTs in general seems to have waned, the GameFi market is seeing growing interest. In August, the number of unique active wallets (UAWs) recorded daily in this sector stood at 847,000. Solana, on the other hand, saw a continuous rise in UAWs, with a 21% growth in monthly statistics.
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Where are the NFTs? Key trends during the bear market – BeinCrypto UK
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