NFT traders hit a slump: Sales figures drop to the lowest in two years

• The number of NFT traders has fallen to the lowest level since July 2021.
• The value of Blue Chip NFTs has fallen since the year started.

As profile picture (PFP) interest wanes, the number of weekly NFT traders has dropped to its lowest since July 2021. According to data from Dune Analyticson an annual basis, this has decreased by 67% so far this year.

Source: Dune Analytics

An assessment of NFT trading volume across multiple marketplaces revealed a consistent decline in weekly trading volume since February. For example, leading NFT marketplace Opensea has experienced a 67% drop in weekly sales volume since then.

While OpenSea’s case remains peculiar to the activity of Blur, this decline still reflects the general disinterest in NFTs as an asset class.

Source: Dune Analytics

In addition, the number of NFT sales transactions across leading marketplaces has also been depleted. For example, at OpenSea, the decline in sales figures began in January and has since decreased by 83%.

Blur’s descent began a month after, and its weekly sales numbers have since fallen by 91%, according to data from Dune Analytics.

Status of the NFT market so far

Despite the drop in NFT trading activity since the start of the year, overall market capitalization has increased by 16%. At press time this was 7.69 billion dollars, per data from NFTGo.

While sales volume across leading marketplaces has declined since February, an assessment of overall marketplace sales volume showed a 141% jump. At the time of writing, this stood at $5.54 billion.

Source: NFTGo

Interestingly, amid the increased overall market capitalization and sales volume, the value of Blue Chip NFTs has declined. These are NFT collections that are considered high value and low risk.

Per data from NFTgo, the Blue Chip NFT index has declined since the year began. The Blue Chip Index is calculated by weighting the market capitalization of Blue Chip NFT collections to determine their performance. At 7,601 ETH at press time, it has fallen 22% since January 1st.

Source: NFTGo

Leading projects such as Bored Ape Yacht Club [BAYC] and CryptoPunks have gradually seen their floor prices trend downward over the past five months. With BAYC trading at an average price of 46.95 ETH at press time, the floor price has fallen 32% since the year began.

As for CryptoPunks, its value has fallen by 24% in the same period.