Impact

April

Read

<div class="cryptonews"> 
 <p class="is-style-lead">The NFT <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> has experienced a significant downturn in the last seven days, with trading <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> of just $8.9 million — the <a rel="dofollow" title="lowest" href="https://thebittimes.com/tag/lowest.html">lowest</a> figure observed in the past two <a rel="dofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a>.&nbsp;</p> 
 <p>Adding to the concerns, the number of users engaged in NFT trading across the entire network has also hit a two-year low.</p> 
 <h2 class="wp-block-heading" id="domination-by-blur">Domination by Blur</h2> 
 <p>Back in April 2022, the NFT market volume reached $480,738,395. Comparatively, at the end of August this year, the weekly volume now totals only $10,054,152.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="653" src="https://cdn.thebittimes.com/images/2023/08/29/80987b84677271a38f7ecf82e96fcc1c.webp" alt="NFT market witnesses lowest transaction volume in two years - 1" class="wp-image-14188928">
  <figcaption class="wp-element-caption">
   <br>@hildobby&nbsp;NFT Market Overview |&nbsp;Source: Dune Analytics
  </figcaption>
 </figure> 
 <p>Further data highlights that amid this decline, Blur, the zero-fee NFT <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>place, now accounts for the majority of the weekly <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, 58.2%, compared to Opensea’s 31.5%.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="639" src="https://cdn.thebittimes.com/images/2023/08/29/82e731ea42bdb385f299c2da09859ea0.webp" alt="NFT market witnesses lowest transaction volume in two years - 2" class="wp-image-14188936">
  <figcaption class="wp-element-caption">
   Weekly Volume Past 2 Years |&nbsp;Source: Dune Analytics
  </figcaption>
 </figure> 
 <p>Moreover, the number of users engaging with NFT trading now sits at approximately 50,000 users, signaling a broader trend of declining interest in the NFT space.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> From millions to pennies: the astonishing decline of iconic NFTs 
 </div> 
 <h2 class="wp-block-heading" id="a-turn-from-bad-to-worse">A turn from bad to worse</h2> 
 <p>The NFT market has been struggling for quite a while now. Back in July 2023, Forbes reported that the most prominent and sought-after non-fungible token (NFT) collections have encountered substantial drops in their floor prices, highlighting renowned blue chip projects, including CryptoPunks, the Bored Ape Yacht Club, Mutant Apes, and Azukis plummeted by up to 62% within the month.</p> 
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Crypto Report: NFT Sales Falling" width="1020" height="574" src="https://www.youtube.com/embed/PtMX9jr_kSE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
  </div>
 </figure> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC charges Impact Theory over unregistered NFT securities offering 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/nft-market-witnesses-lowest-transaction-volume-in-two-years-tbt60710.html">https://thebittimes.com/nft-market-witnesses-lowest-transaction-volume-in-two-years-tbt60710.html</a></p>

NFT market witnesses lowest transaction volume in two years

Table of Contents

TheBitTimes

Other articles published on Aug 28, 2023

Infinite Block Receives Certification for Information Security Management System of Blockchain Pl...

Upcoming ‘PayPal Update’ sparks speculation around Bitcoin and altcoin prices

Joshua Budiman's Insights at CoinfestAsia and Cryptalk Illuminate Sekuya's Rise to the Top

SLB Stock Price Prediction: Can SLB Stock Sink Below $50 Mark?

JPMorgan Chase Upbeat Amid Market Volatility: Experts Identify Lucrative Opportunities

Why Famous Fox Federation (NFT) is Gaining Traction: Know Details

Join our free newsletter for daily crypto updates!