Weekly NFT trading volume falls from $6.2bn to $114.4m in past year
Trading volumes for non-fungible tokens (NFTs) and digital assets have fallen considerably, reporting a 97% drop in activity according to recent data compiled by Dune Analytics.
Weekly trading volumes fell from $6.2bn to $114.4m since January, signalling a significant drop off in interest.
Despite being one of the more dynamic aspects of the crypto and Web3 industry in the last few years, NFTs have had a relatively lacklustre year compared to 2021, which saw digital collectibles surge in interest as well as mainstream adoption among crypto enthusiasts.
Transaction volume on popular NFT marketplaces also suffered with platforms such as OpenSea, the largest NFT trading platform by volume, recording a 99% decline in volume since its record high figures in May, according to DappRadar.
User wallets increase despite market slump
At a time when trading volumes for NFTs and the wider crypto sector have dropped significantly, the number of consumer wallets owning at least one NFT has spiked –surging upwards of 6.14 million, compared to around 3.36 million recorded at the end of January.
What makes the data interesting is that despite the overall crypto market downturn, a plethora of new brands are still emerging on scene, including Tiffany’s collaboration with CryptoPunks, luxury retail brands such as Prada and Gucci launching digital collectibles, and Nike’s acquisition of popular digital brand RTFKT.
Nike (NKE)
According to Chainalysis, as of 1 May, collectors have sent over $37bn to NFT markets in 2022, a figure that was on pace to surpass the $40bn that was recorded in 2021.
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