NFT
Recent data has shown that the nonfungible token (NFT) market has consistently seen more sellers than buyers in April, without a single exception.
According to data from analytics platform NFTGo, as of April 26, there were only 7,907 buyers, while 8,641 tried to sell their NFTs.
Days before, on April 19, the NFT market reached its second lowest point in the last twelve months, with just 5,893 buyers – a slight increase from the lowest recorded date in the last twelve months, which was June 18, 2022 was, with 5,343 buyers.
Although there were more buyers on the market on April 5 – 18,495 – there were also 36,423 sellers.
Based on the data, there has not been a single day in April where the number of buyers has exceeded the number of sellers in the NFT market, indicating a potential lack of demand that could be of concern to sellers planning to sell their NFT soon. to sell.
The last recorded day when buyers outnumbered sellers was March 11, when there were 9,756 buyers and 9,754 sellers.
Chart showing the total number of daily buyers, sellers and holders in the NFT market. Source: nftgo.io
The turbulent market conditions have been met with several community responses on Twitter.
Ovie Faruq, the co-founder of Canary Labs, stated in a tweet on April 26 that the NFT market is currently “not functioning.”
Over the past year, daily NFT traders ranged from 20-60,000.
In the last few days it dropped to 7k
This market is not functioning. pic.twitter.com/akqKuWHmxr
— Mando (@rektmando) Apr 26, 2023
Cointelegraph previously reported that the NFT market suffered a decline on March 12 following the collapse of Silicon Valley Bank (SVB), sparking fear among traders.
Before the collapse of the SVB, NFT trading volumes hovered between $68 million and $74 million as of March 10; however, on March 12, they fell to $36 million.
The dip was also accompanied by a 27.9% drop in daily NFT sales between March 9 and March 11.
Related:Long-term utility and profit top reasons for NFT purchases: CoinGecko study
According to a March 20 CoinGecko report, the six largest NFT marketplaces saw an increase in wash trading in February for the fourth month in a row, with total volume reaching $580 million.
The report revealed that the market witnessed a 126% increase from the previous month’s $250 million volume – with the report crediting the overall recovery of the NFT market as the reason for the increase.
magazine:From SNL and The Tonight Show to Sotheby’s: NFT Creator Bryan Brinkman
