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.
According to <a href="https://app.intotheblock.com/insights/nft/analytics/all-collections" target="_blank" rel="noopener noreferrer nofollow">data</a> from blockchain analytics firm IntoTheBlock, only six of the top 20 NFT collections by market capitalization recorded increased trading volumes over the last 30 days. The remaining collections experienced a significant decrease, ranging from 20% to 99%.
<h2 id="nft-trading-volume-capitulates">NFT Trading Volume Capitulates</h2>
The trading volume for the popular NFT collection <a href="https://cryptopotato.com/cryptopunks-guide/" rel="noopener noreferrer nofollow">CryptoPunks</a>, which is the second-largest by market cap, plunged by 60.30% within the past month. Other top digital collectibles, such as Mutant Ape Yacht Club, <a href="https://cryptopotato.com/baycs-otherside-land-sale-everything-you-need-to-know/" rel="noopener noreferrer nofollow">Otherdeed</a>, <a href="https://cryptopotato.com/what-is-moonbirds-nft/" rel="noopener noreferrer nofollow">Moonbirds</a>, and Doodles, also tanked by 20.16%, 53.09%, 73.57%, and 63.55%, respectively.
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.
<h2 id="nft-market-still-growing">NFT Market Still Growing</h2>
Despite the recent poor performance, the non-fungible token (NFT) industry has continued to grow and evolve. As reported by CryptoPotato earlier this month, the digital collectibles market has had a solid start to the year.
According to the <a href="https://cryptopotato.com/nft-market-hit-4-7b-in-sales-in-q1-dappradar/" rel="noopener noreferrer nofollow">report</a>, Q1 2023 was the best quarter since Q2 2022, with NFT trading volume increasing by 137% to $4.7 billion. Additionally, NFT sales for the last quarter amounted to 19.4 million, representing an increase of 8.56% from Q4 2022.
The post <a href="https://cryptopotato.com/capitulation-nft-trading-volumes-and-prices-plummet-in-the-last-30-days/" rel="noopener noreferrer nofollow">Capitulation? NFT Trading Volumes and Prices Plummet in the Last 30 Days</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Capitulation? NFT Trading Volumes and Prices Plummet in the Last 30 Days

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