NFT prices and trading volume

NFT Prices and Trading Volume Shrinking

29.09.2022 09:14 (Updated 29.09.2022 09:09)
avatar
by Irene Pinchuk
1 min read

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.

Author

  • After 6+ years in Digital Marketing & Product Management of B2C relationships, I’ve moved onto the B2B world. Now I’m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks 🚀 We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

Trending news

Arrow previous
Arrow next
Yellow background Yellow background
Subscribe and be in touch
Click here