- DappRadar’s NFT report reveals that the financials slipped in Q3, but the total sales are expected to witness a surge of 6% by the quarter’s end.
- The trading volume declined by 75% for Q3, but the number of unique traders has noted a surge of 36% as compared to Q3 2021.
- The report suggests that the market will continue to expand in the year 2023 too. However, there will be hurdles on the way.
In a recent report shared on the state of the NFT market by the global app store for decentralized applications, DappRadar, it is found that the total sales are expected to surge by 6% by the end of the quarter. The report showed the contrast between the financials slumping in the third quarter of 2022 and the expectations from the sales in the market.
Another contrast that the report managed to throw light on is the trading volume of the NFT market, which slipped further by 75% ($2 billion) from the prior quarter, and the sales are expected to attain the mark of 21.1 million by Q3 end.
The report further revealed that irrespective of the fact that the NFT market is going through harsh conditions and the impact is multiplied by Terra Luna’s crash, the number of unique traders has spiked to 36% when compared to that recorded in Q3, 2021. This has come amid the fall in the trading volume of 75% for the third quarter.
Well, the report shared by DappRadar managed to provide us with a conclusion from which it can be said that the proliferation of the NFT market will be continued in 2023 too. However, it should be noted that though the count of new brands beginning to implement NFTs is increasing along with the unique traders, the road to a significant expansion will face hurdles.
Talking about the sales count dominance in the NFT market, the report took into consideration the Ethereum NFT projects, bluechip collectibles, digital art, blockchain gaming NFTs, fashion and luxury NFTs, and the sports NFT market.
Ethereum NFT Projects
- Ethereum’s top 100 NFT projects witnessed a slump of 44% ~ $19 billion
- ETH-based NFTs market cap reduced by 27%
- NFTs on ImmutableX surged in trading volume by 87% from the previous quarter
- Chain CEO Deepak Thapliyal marked the biggest purchase for a record-breaking 8,000 ETH of CryptoPunk #5822
- Bluechip collectibles trading volume slumped by 88%
- The floor price of top blue-chip collectibles has not decreased
- NFTs featuring digital art marked over 4.5 million sales since January 2021 with trading volume more than $3 billion
- Digital art has emerged as a crucial element of the expanding metaverse
Blockchain gaming NFTs
- The total trading volume of NFTs of the blockchain gaming market slumped from $1 billion in Q1 of 2022 to a mere $71 million in Q3 2022
- Sales numbers also registered a slip from 12 million in Q1 to 3.3 million in Q3
Fashion and Luxury NFTs
- The trading volume has dropped notably from Q1 to Q3
- The demand for fashion and luxury NFTs remain one of the strongest use cases
Sports NFT market
- The volume reduced by 63% in Q2 while the number of sales crashed by 54%
- Total trading volume in Q3 decreased by further 61%from the previous quarter with the sales count standing at 1 million, marking a slip of 47% from Q2