Monday, February 6, 2023

NFT Market Rebounded After March Weakness: Analysis

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The NFT market rebounded after the march weakness with OpenSea daily trading volume climbing and the market posting a sizeable first quarter so let’s read more in today’s latest altcoin news.

The NFT market rebounded after the depressed trading volume for the month but the daily trading volume is increasing in the past few weeks. Overall, the market generated $12 billion worth of trading in the first quarter of the year. After setting records in January, the NFT market saw a sinking trading volume over the past month and the decline continued into March. The latest data suggests that NFT trading is on the rebound and the total trading volume in the first quarter of the year hit $12 billion.

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According to the data from DappRadar, the wider NFT market generated $2.63 billion and the figure is down from $3.87 billion in February and $5.63 billion in January. With that being told, the NFT market trading volume is set at $12.13 billion for the first quarter of the year, and considering that the wider market generated $25 billion in trading volume for 2021, the data suggest a sizeable year over year increase to come this year with a continuation at this pace.

The daily trading volume on OpenSea dropped across February and March but it has been increasing over the past two weeks. Sunday was the best day for the platform with the ETH Tradign volume hitting $173 million worth and in April, it logged about $669 million of ETH volume. DappRadar’s figure shows that $27.7 million in total NFTs were traded on platforms during the first quarter of 2022 and the amount of NFTs sold every month didn’t decline at the same rate as it did with trading volume, dropping from 11.3 million to over 7 million marking a 38% dip comapred to a 55% drop in monthly tradign volume. The senior data analyst at Dappradar Pedro Hererra noted:

“Volumes are indeed down, far from the high January numbers. However, the number of trades and unique traders is increasing which shows that the demand for NFTs is still strong, and the market is maturing. We also see increased activity in blockchains not called Ethereum, namely Avalanche and Solana.”

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Bored Apes

The figures account for organic volume alone and omit suspicious activity on LooksRare which is an ETH-based marketplace with wash tradign or trades of NFTs that are sold for inflated sums between the same wallets. LooksRare offers token rewards and some traders sought to manipulate the model by selling NFTs between controlled wallets for $50 million worth of ETH each. The largest NFT projects in March include Bored ape Yacht Club with $227 million worth of tradign volume, Mutant Ape Yacht Club with $155 million and Azuki generated $106 million worth of digital volume.

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