• The NFT market took a significant beating in 2022, with trading volume down 94% from its peak.
• However, data from IntoTheBlock shows that there has been an increase in NFT trading volume in the last month, with a 42% increase in 30 days and a 100% increase in the last week.
• Despite the increase in trading volume, investors are still buying fewer NFTs, with 63,000 new sales on Thursday compared to 123,000 on Wednesday.
The non-fungible token (NFT) market took a major hit in the year 2022, despite reaching its peak trading volume at the start of the year. According to data from IntoTheBlock, trading volume has dropped off more than 94% as investors have moved away from these highly illiquid assets. The market has seen a slight upturn in the last month, with daily trading volume increasing by 42% in 30 days and over 100% in the last week.
However, the number of NFT sales has dropped drastically in the last few days. On Thursday, the number of new sales was 63,000 compared to 123,000 on Wednesday. This suggests that while there has been an increase in the trading volume, investors are still buying fewer NFTs.
The future of the NFT market is uncertain, as the market is highly volatile and unpredictable. While the uptick in trading volume may be a positive sign, it does not necessarily mean that the NFT bull market is back in full swing. Investors should proceed with caution when investing in this market and thoroughly research the asset before making any decisions.
In order to stay up-to-date with the latest NFT news, investors should follow the latest news and trends in the market. Additionally, investors should take advantage of the numerous educational resources available, such as tutorials and webinars, to gain a better understanding of the market before investing. By taking the time to do the proper research, investors can make informed decisions when investing in this market.