NFT Prices and Trading Volume Shrinking

The NFT market isn’t immune to crypto winter either. According to Dune Analytics, weekly NFT trading volume has dropped by 98% since the beginning of the year.

Currently, the trading volume amounts to some $114 million – a significant decrease from its $6.2 billion mark back in January. Trading volume saw an all-time $146 billion high in April, which soon began to shrink following the crypto market crash in May.

It’s a similar situation with NFT prices. On average, NFTs are now sold for $285, whereas they’ve been selling for some $2,000 on average in January. This is, at least partially, attributed to the decline in ETH value, which is most often used for NFT trading.

Interestingly, a larger number of people are now buying NFTs. There are about 6 million wallets that hold at least one NFT – some 2.8 million more when compared to the January statistics.

Popular brands, on the other hand, are still seeing the potential of entering the NFT market. For instance, we yesterday reported that Christie’s had launched its own NFT marketplace, and Tiffany & Co. recently presented its first NFTs.