NFT News
NFT Marketplace Volume Drops from $12 Billion to New 2022
NFT markets were hit hard by the crypto market crash in May, which wiped out billions of dollars in sales volume of digital collectibles.
NFT markets were hit hard by the crypto market crash in May, which wiped out billions of dollars in sales volume of digital collectibles.
Published
7 months agoon
NFT marketplaces continue to make attempts to recover from the decline in investor interest in digital collectibles.
According to Be[In]Crypto research, the total volume of NFT marketplaces was around $4 billion for May. While this figure may seem impressive, monthly volumes as of April 2022 were around $7.18 billion.
Most of the volume came from OpenSea with about $2.6 billion. Other marketplaces that have made significant contributions included Magic Eden, LooksRare, Solanart, Art Blocks, SuperRare, MakersPlace, Nifty Gateway, Foundation, and Async Art.
NFT marketplaces are digital platforms used to buy and sell non-tradable tokens. The platforms help digital collectibles lovers store as well as display their NFTs for fiat or cryptocurrency.
Total sales volume in January 2022 was approximately $16.57 billion, with LookRare leading the way with $11.1 billion for this month. May’s volume was $12.57 billion less than in January – a 75% drop in just four months.
A decrease in investor interest can be credited for the dwindling volume of NFT marketplaces.
CryptoPunks‘ average sell value was $136,800 (10-month low), while Axie Infinity dropped to $17.57 (5-month low) for average sell values in May. Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) had average sales values of $218,740 (6-month low) and $57,580 (5-month low), respectively.
OpenSea‘s May volume was $890 million more than April ($3.49 billion), $980 million ($3.58 billion) more than February, and $2.37 billion more than January 2022.
LookRare’s $1.06 billion May volume was 67% of April’s $3.31 billion, 64% below March’s $3.02 billion and February’s $7.41 billion. It was 85% below and 90% below its January 2022 volume of $11.1 billion.
Magic Eden is one of the largest NFT marketplaces and registered approximately $292.1 million in May. This was a 23% decrease from January’s volume of approximately $380.87 million.
Dan Howley is the tech editor at Yahoo Finance and plays with toys all day. You can reach him at [email protected]
NFT Artist Beeple Warns of Discord URL Hijack That Could Drain Wallets
Going South: Crypto Mining Company Compute North Goes Bankrupt
Bitcoin Cost and Ethereum Departure Negative Breakdown, DCR Floods
EFF Calls OFAC, Asks for Clarity on Tornado Cash Situation
Over 9000: Crypto Mining Towers Seized in Iran
New BAYC Owner Scammed Just Two Hours After Purchasing $116K NFT
ADA altcoin Binance Bitcoin Bitcoin news Bitcoins Bottom BTC BTCs bull Bullish cardano Crypto Cryptocurrency Crypto News DOGE DogeCoin ETH Ethereum Ethereum news Ethereums ETH News exchange FTX Heres High holders investors latest Market miners Mining News NFT NFT News Prediction Price rally Ripple SHIBA shiba inu Solana Whale whales XRP