According to data compiled by Dune Analytics, the weekly volume of non-fungible tokens or NFTs in the blockchain world has fallen to $114.4 million.
This is 98% less than about $6.2 billion at the end of January. NFT weekly trading volume skyrocketed to a record $146.3 billion in early April before plummeting in May as the cryptocurrency bear market began.
However, at the same time, the number of wallets holding at least one NFT rose to 6.14 million, up from 3.36 million at the end of January. The NFT markets have also seen huge changes since the start of the year, with LooksRare accounting for the majority of USD trading volume. He has since returned to OpenSea.
The price of NFTs has also plummeted as a result of a wider drop in the price of Ether (ETH), the most popular cryptocurrency used to buy and sell digital assets. NFTs are currently earning an average of about $285 per sale, up from about $2,000 at the beginning of January.
In an interview with Cointelegraph, NFTGo founder Tony Ling said that innovation will continue to drive NFT adoption despite the market slowdown. Recently, post offices in Austria have been experimenting with NFT stamps, and Mastercard has released NFT-compatible debit cards.
Tiffany & Co. Luxury Jewelery Presented. Also about trying a custom necklace for CryptoPunk NFT holders. However, on a monthly basis, the NFT market continues to deteriorate as the average weekly NFT trading volume is down about 30% from August.