Data from Blockchain analytics firm Chainalysis shows that so far, the average weekly NFT transaction volume in March has dropped by 49% and 54% from the average weekly transaction volume in January and February, respectively.
The number of NFT sellers in March was 7,219, a significant decrease from the end of January (21,296).
DappRadar chief analyst Pedro Herrara said: Risk aversion is also spreading in the NFT market due to tightening monetary policy and geopolitical uncertainty.
