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NFTs Are Heating Up Again: Trading Volumes Reach Three-Month High – TronWeekly

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WU Blockchain reported today that the NFTs market saw a significant increase in trading volume yesterday, reaching a three-month high with a single-day total of over 32,000 Ethereum (ETH). 

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Source: NFTGo

On January 5th, the market capitalization of the NFT market reached a three-month high of approximately 10.23 million ETH. The previous high was seen on December 10th, when the market cap was about 9.82 million ETH. 

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Source: NFTGo

The data is gathered from an NFT marketplace or analytics platform, NFTGo. Additionally, OpenSea, a major marketplace for NFTs, also experienced a two-month peak in ETH-denominated trading volume on the same day. 

However, NFTGo’s Barometer is currently at 31/100, indicating that NFT market sentiments are cool. In the last 24 hours, there have been 19,288 buyers and 19,288 Sellers.

NFTs Sales Volume in 2022 Nearly Matches 2021 Peak

According to data from DappRadar, the volume of NFT sales in 2022 almost reached the peak seen in 2021, despite declining sales and falling prices in recent months. The market generated approximately $24.7 billion in organic trading volume across blockchain platforms and marketplaces in 2022, a slight decrease from the $25.1 billion recorded in 2021. 

However, DappRadar observed a significant increase in the number of NFTs traded last year, with approximately 101 million NFT trades recorded in 2022, compared to about 58.6 million in 2021. It suggests that a larger number of NFTs were traded at lower values due to the decrease in crypto and NFT prices.

The crypto market saw significant value loss in 2022, with losses intensifying due to the collapse of Terra’s LUNA and UST and the downfall of the crypto exchange FTX. This “crypto winter” led to a decline in crypto prices and had a similar effect on the NFT market. 

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Source: OpenSea

Sales of NFTs saw a boost in January as the market carried over momentum from 2021, with top marketplace OpenSea recording a record month with $5 billion in trading volume. However, trading volume decreased in the following months before a surge in late April due to the launch of NFT land plots for the metaverse game Otherside by Yuga Labs. 

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Source: OpenSea

It drove OpenSea to a single-day record for trading volume, but the market did not maintain this momentum and saw a drop in monthly volume from nearly $3.3 billion in May to just over $1 billion in June. Since then, the market has not surpassed the $1 billion mark.

Related Reading | Stringent Licensing Of Cryptocurrency Firms Immediate Necessity :French Central Bank Governor

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