- An NFT, on an average, makes only $285 for each sale as compared to $2,000 it used to make in early January.
- The total number of wallets with NFTs has grown by 2.8 million.
- The NFT market is suffering consistently each month with the average weekly trading volume decreasing by 30%.
The data from Dune Analytics has concluded that the weekly trading volume of NFTs has fallen to $114.4 million throughout the blockchain domain.
This includes a decline of 98% from January’s $6.2 billion. In the beginning of April, the weekly NFT trading volume increased to $146.3 billion, marking an all-time high. However, things turned the opposite in May when the bearish wave entered into the market.
Simultaneously, wallets that have a minimum of one NFT have jumped to 6.14 million in comparison to 3.36 million recorded toward the end of January. The NFT market witnessed a major change as the year started. LooksRare was the reason behind the majority of the dollar trading volume, which has switched back to the very popular OpenSea marketplace ever since.
The broader plunge in Ethereum’s price has also led to the price of non-fungible tokens declining greatly.
The founder of NFTGo, Tony Ling, said in an interview that despite the downfall of the market, advancement will drive the rate of NFT adoption. Quite recently, post offices in Austria performed experiments with NFT stamps. Also, Mastercard has launched debit cards that are NFT-customized.
Last month, Today NFT News reported when Tiffany & Co. launched artisans-crafted NFTiff exclusively for CryptoPunks holders. Right after this, CryptoPunk Ethereum NFT sales went up by 248%.