The past 30 days have seen a decline in trading volumes and prices of most non-fungible token (NFT) projects, likely due to the prolonged bear market of 2022 and the first quarter of 2023.
According to data from blockchain analytics firm IntoTheBlock, only six of the top 20 NFT collections by market capitalization recorded increased trading volumes over the last 30 days. The remaining collections experienced a significant decrease, ranging from 20% to 99%.
NFT Trading Volume Capitulates
The trading volume for the popular NFT collection CryptoPunks, which is the second-largest by market cap, plunged by 60.30% within the past month. Other top digital collectibles, such as Mutant Ape Yacht Club, Otherdeed, Moonbirds, and Doodles, also tanked by 20.16%, 53.09%, 73.57%, and 63.55%, respectively.
Additionally, the ninth-largest collection by market cap, Sewer Pass, which was launched by NFT company Yuga Labs, witnessed a staggering drop of 99.16% in its trading volume.
In contrast, Captainz’s NFT collection recorded the highest surge in trading volume at 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT collection by market cap, saw a 24.67% increase in trading volume. Other projects such as Azuki, Autoglyphs, and Meebits also saw an increase in their trading volumes by 24.49%, 14.70%, and 2.48%, respectively.
While some NFT projects recorded increased trading volume, only four out of 20 collections saw a price surge during the same period. The prices of Bored Ape Yacht Club (BAYC) and Meebits dropped by 16.42% and 24.18%, respectively, despite their trading volumes going up. In contrast, CryptoPunks’ price increased by 2.37% despite a decline in trading volume.
Meanwhile, Azuki, Autoglyphs, and Captainz were the only collections that saw growth in all aspects, with price gains of 5.29%, 1.44%, and 36.60%, respectively, accompanied by the surge in their trading volumes.
NFT Market Still Growing
Despite the recent poor performance, the non-fungible token (NFT) industry has continued to grow and evolve. As reported by CryptoPotato earlier this month, the digital collectibles market has had a solid start to the year.
According to the report, Q1 2023 was the best quarter since Q2 2022, with NFT trading volume increasing by 137% to $4.7 billion. Additionally, NFT sales for the last quarter amounted to 19.4 million, representing an increase of 8.56% from Q4 2022.
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