- The crypto market meltdown has NFT market volume on continued plunges.
- The monthly market volume has declined under $10B over the last three months.
- Overall monthly volume declined to around $4B.
The May cryptocurrency market crash hit NFT marketplaces hard, and digital collectibles saw their sales volume losing billions.
NFT marketplaces still attempt recoveries from the faded investor enthusiasm for digital collections. Be (In) Crypto’s research reveals the NFT market’s overall volume was $4 billion in May. Though the number seems attractive, April 2022 recorded monthly volumes of around $71.8 billion.
OpenSea accounted for most of the volume, with nearly $2.6 billion. Other markets that made substantial contributions are Async Art, Foundation, Nifty Gateway, MakersPlace, SuperRare, Art Blocks, LooksRare, and Magic Eden.
Non-fungible marketplaces are venues allowing individuals to buy and sell NFTs. Moreover, the platforms help digital collectibles enthusiasts store and display their non-fungible tokens for cryptocurrency or fiat.
Overall sales volume stood around $16.57 billion in January this year. LooksRare led the pack with $11.1billion in that months. Meanwhile, May’s figure hovered at $12.57B less than January, reflecting a 75% slump within four months.
Why The Plunging NFT Marketplaces Volume?
Decreased investor interest contributed to the fading NFT marketplace volume. CryptoPunks’ average sale value stood at ten-month lows at $136,800, whereas Axie Infinity dropped to 5-month lows of $17.57 in May’s average sale value. Mutant Ape Yacht Club and Bored Ape Yacht Club boasted average sales values of $57,580 (five-month lows) and $218,740 (six-month lows), respectively.
OpenSea’s May volume was $890M higher than April ($3.49B), $980M beyond February ($3.58B, and $2.37B more than January this year. LooksRare’s $1.06B May volume was 67% beneath the $3.31B of April, 64% below March’s $3.02B, 85% under $7.41B of February, and 90% lower than $11.1 billion in January 2022.
Magic Eden is among the leading NFT marketplaces and saw an approximately $292.1M volume in May. That represents a 23% drop from January’s figure of about $380.87 million.
The declines in NFT marketplaces come amidst faded enthusiasts in the digital world. Also, the crypto spectrum remained under bearish conditions after losing the $1T mark. While publishing this article, the global cryptocurrency market cap stood at $903.31 billion, dropping 1.63% within the past day.
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