Impact

April

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<div class="cryptonews"><p class="is-style-lead">The NFT <a href="https://thebittimes.com/tag/market.html" rel="noopener noreferrer nofollow">market</a> has experienced a significant downturn in the last seven days, with trading <a href="https://thebittimes.com/tag/volume.html" rel="noopener noreferrer nofollow">volume</a> of just $8.9 million — the <a href="https://thebittimes.com/tag/lowest.html" rel="noopener noreferrer nofollow">lowest</a> figure observed in the past two <a href="https://thebittimes.com/tag/years.html" rel="noopener noreferrer nofollow">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 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 href="https://thebittimes.com/tag/market.html" rel="noopener noreferrer nofollow">market</a>place, now accounts for the majority of the weekly <a href="https://thebittimes.com/tag/volume.html" rel="noopener noreferrer nofollow">volume</a>, 58.2%, compared to Opensea’s 31.5%.</p><figure class="wp-block-image size-large"><img 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"><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 title="Crypto Report: NFT Sales Falling" src="https://www.youtube.com/embed/PtMX9jr_kSE?feature=oembed"></iframe></div></figure><div class="cn-block-related-link"><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 href="https://thebittimes.com/nft-market-witnesses-lowest-transaction-volume-in-two-years-tbt60710.html" rel="noopener noreferrer nofollow">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

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