The NFT market experienced a decline in trading volumes and prices in the past month, with some major collections plummeting significantly.
The past 30 days have seen a decline in trading volumes and prices of most non-fungible token (NFT) projects, likely due to the prolonged bear market of 2022 and the first quarter of 2023.
NFT Trading Volume Capitulates
Additionally, the ninth-largest collection by market cap, Sewer Pass, which was launched by NFT company Yuga Labs, witnessed a staggering drop of 99.16% in its trading volume.
In contrast, Captainz’s NFT collection recorded the highest surge in trading volume at 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT collection by market cap, saw a 24.67% increase in trading volume. Other projects such as Azuki, Autoglyphs, and Meebits also saw an increase in their trading volumes by 24.49%, 14.70%, and 2.48%, respectively.
While some NFT projects recorded increased trading volume, only four out of 20 collections saw a price surge during the same period. The prices of Bored Ape Yacht Club (BAYC) and Meebits dropped by 16.42% and 24.18%, respectively, despite their trading volumes going up. In contrast, CryptoPunks’ price increased by 2.37% despite a decline in trading volume.
Meanwhile, Azuki, Autoglyphs, and Captainz were the only collections that saw growth in all aspects, with price gains of 5.29%, 1.44%, and 36.60%, respectively, accompanied by the surge in their trading volumes.