annoying new data By Dune Analytics, weekly non-fungible currency (NFT) trading volume across the industry has dropped to just $114.4 million.
This means a whopping 98% drop from the $6.2 billion that was still circulating at the end of January. At the beginning of April, the weekly trading volume reached the current record of $146.3 billion before the cryptocurrency bear market in May also caused the NFT crash.
But at least there is reason for hope, because over the same period, the number of wallets containing at least one NFT has increased from 3.36 million in early January to 6.14 million now. Meanwhile, there is also a shift in strength in the NFT markets, because while LooksRare was still the leader in terms of trading volume at the start of the year, the top spot has now returned to OpenSea.
The average NFT price has also fallen significantly, not least due to the stagnation in the price of Ethereum (ETH) because the second largest cryptocurrency is the primary means of payment for digital artwork. The average NFT is currently only $285, while an average of $2,000 had to be paid out in January.
However, Tony Ling, the founder of NFTGo, is confident of this Cooperat It will boost the adoption of NFTs. An example of this is the Austrian Post, which issued special NFT stamps in July issued she has.
Meanwhile, luxury brand Tiffany & Co. An NFT collection based on the popular CryptoPunks and it’s creating a buzz. First, however, the NFT market continues to decline, with weekly trading volumes down 30% compared to August.