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The last 30 days have witnessed a reduction in trading volumes and prices across the majority of non-fungible token (NFT) projects, likely attributed to the extended bear market of 2022 and the initial quarter of 2023.
Data from blockchain analytics company IntoTheBlock indicates that only six of the top 20 NFT collections by market capitalization experienced an uptick in trading volumes over the past month. The other collections faced a considerable decline, varying from 20% to 99%.
NFT Trading Volume Declines
The trading volume for the well-known NFT collection CryptoPunks, which ranks as the second-largest by market cap, fell by 60.30% in the last month. Other prominent digital collectibles, including Mutant Ape Yacht Club, Otherdeed, Moonbirds, and Doodles, also saw declines of 20.16%, 53.09%, 73.57%, and 63.55%, respectively.
Moreover, the ninth-largest collection by market cap, Sewer Pass, launched by NFT firm Yuga Labs, experienced a remarkable drop of 99.16% in its trading volume.
Conversely, Captainz’s NFT collection achieved the highest increase in trading volume at 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT collection by market cap, recorded a 24.67% rise in trading volume. Other projects such as Azuki, Autoglyphs, and Meebits also experienced increases in their trading volumes of 24.49%, 14.70%, and 2.48%, respectively.
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While several NFT projects noted increased trading volume, only four out of 20 collections experienced a price increase during the same timeframe. The prices of Bored Ape Yacht Club (BAYC) and Meebits fell by 16.42% and 24.18%, respectively, despite their trading volumes rising. In contrast, CryptoPunks’ price rose by 2.37% even with a decrease in trading volume.
At the same time, Azuki, Autoglyphs, and Captainz were the only collections that exhibited growth in all metrics, with price increases of 5.29%, 1.44%, and 36.60%, respectively, alongside the rise in their trading volumes.
NFT Market Continues to Expand
Notwithstanding the recent underperformance, the non-fungible token (NFT) sector has persisted in its growth and development. As reported by CryptoPotato earlier this month, the digital collectibles market has made a strong start to the year.
The report indicates that Q1 2023 was the most successful quarter since Q2 2022, with NFT trading volume surging by 137% to $4.7 billion. Furthermore, NFT sales for the previous quarter totaled 19.4 million, reflecting an increase of 8.56% compared to Q4 2022.
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