Remarkable cooling of the NFT market Volume and unique users are at the lowest level since July 2021

Cooldown in the entire NFT market

According to data compiled by SeaLaunch, which analyzes and researches NFT (non-fungible token) data, both sales and the number of users in the entire NFT market are at low levels comparable to 2021.

SeaLaunch analyzed major NFT marketplaces such as Opensea and Blur. The number of unique users across the market has dropped noticeably over the past week, dropping to 7,805 on the 19th. This is as low as 7,455 on July 31, 2021.

The number of unique users per market on the 19th was 4,327 for OpenSea and 1,777 for Blur.

The number of sales is also down, with 16,149 on the 19th, approaching 12,910 on November 9, 2021. Blur, the NFT marketplace for professional traders, had 5,688 trades on the day, OpenSea 7,444 and OpenSea Pro 1,753.

Ethereum NFT Market Status

SeaLaunch said the recent Ethereum NFT market downturn was one of the worst of the year.

1/ Why is the Ethereum NFT Market decaying in terms of users?

Last few days were one of the worst in terms of users and sales on most NFT Marketplaces in the last 365D.

Source: https://t.co/wHKVRo4Cll@DuneAnalytics pic.twitter.com/ZJI4X72QFI

— sealaunch.xyz (@SeaLaunch_) April 20, 2023

He pointed out that the reason for the market slump is the skyrocketing gas prices on the Ethereum blockchain, and explained that network activity and MEV bot sandwich attacks are behind the skyrocketing fees. He added that there has been a sale of assets to pay taxes and a memecoin boom in recent days.

Since there is no difference in trends due to user characteristics (from professionals who trade frequently to general traders), SeaLaunch concluded that the above “macro factors” are likely to have had an impact.

Impact of Uniswap

SeaLaunch believes that many users may have flowed from OpenSea and Blur to decentralized exchanges (DEXs).

It seems that@Uniswap is eating @opensea and @blur_io NFT cake https://t.co/IljEpS2IuU pic.twitter.com/BHTF10Z9Kb

— sealaunch.xyz (@SeaLaunch_) April 20, 2023

Since April 8, daily active users have decreased by more than 20,000 on OpenSea and Blur, while Uniswap has increased by about 41,000.

Bitcoin NFT

As Ethereum transaction fees soar, NFTs on the Bitcoin blockchain are starting to attract attention.

Bitcoin version NFT is created using the “Ordinals” protocol launched in January, and videos and images are directly stored in satoshi (1/100 million of 1 BTC), the smallest unit of Bitcoin. What was done. Ordinals allows users to search, transfer and receive individual satoshis by assigning serial numbers to them.

Creators who appreciate Ordinals have begun to enter the Bitcoin NFT market, and Yuga Labs, which handles NFTs such as “Bored Ape Yacht Club (BAYC)”, will hold an auction for the Ordinals NFT collection “TwelveFold” in early March. bottom.

Marketplaces supporting Ordinals have emerged, and cross-chain NFT electronic marketplace Magic Eden also began supporting Ordinals in March.

connection:Magic Eden Starts Supporting Bitcoin NFT “Ordinals”

The creation of Bitcoin NFTs is called Inscriptions, and the number of Inscriptions on Ordinals is showing rapid growth.

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