Capitulation? NFT trading volume and rates plummet over the past 30 days
The last 30 days have seen a decline in trading volumes and prices for most NFT (non-fungible token) projects, likely due to the prolonged bear market in 2022 and the first quarter of 2023.
According to data from blockchain analytics firm IntoTheBlock, only six of the top 20 NFT pools by market capitalization recorded increased trading volume over the past 30 days. The remaining collections experienced a significant decline, from 20% to 99%.
NFT trading volume capitulates
The trading volume of the popular NFT collection CryptoPunks, which is the second largest by market capitalization, fell by 60.30% in the last month. Other top digital collectibles, such as Mutant Ape Yacht Club, Otherdeed, Moonbirds and Doodles, also went 20.16%, 53.09%, 73.57% and 63.55% respectively.
Additionally, the ninth largest pool by market cap, Sewer Pass, which was launched by NFT company Yuga Labs, witnessed a staggering 99.16% drop in trading volume.
In contrast, Captainz’s NFT pool recorded the highest increase in trading volume at 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT pool by market cap, saw a 24.67% increase in trading volume. Other projects such as Azuki, Autoglyphs and Meebits also saw an increase in trading volumes by 24.49%, 14.70% and 2.48% respectively.
While some NFT projects recorded increased trading volume, only four out of 20 pools saw a price increase over the same period. The prices of Bored Ape Yacht Club (BAYC) and Meebits fell by 16.42% and 24.18% respectively, despite their trading volumes increasing. In contrast, CryptoPunks’ price increased by 2.37% despite a decrease in trading volume.
Meanwhile, Azuki, Autoglyphs and Captainz were the only collections to see growth in all aspects, with price increases of 5.29%, 1.44% and 36.60% respectively, accompanied by the increase in trading volumes.
The NFT market is still growing
Despite the recent poor performance, the non-fungible token (NFT) industry has continued to grow and develop. As reported by The crypto potato 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. In addition, NFT sales for the most recent quarter totaled 19.4 million, representing an increase of 8.56% from Q4 2022.
