NFT Transactions on the EthereumBlockchain Dropped Sharply Over the Weekend, Falling to Their Lowest Point in Almost Two Years, According to nftstats.eth.
The Online Resource for NFT Market Statistics Is Led by the Research Director of Proof, a Renowned WEB3 Community. Data Over the Weekend Painted a Worrying Picture for the NFT Market on Ethereum, With Trading Volumes Reaching Just About 11,900 Eth, Which Equates to About $22.1 Million.
The Figure Is the Lowest Total Since July 2021 and Marks a Clear Downward Trend. To Further Underscore This Drop, It’s Worth Noting That This Year’s Previous Low in Weekend Transaction Volume Was Around 15,400 Eth, a Massive 29% Increase in Total Volume From the Most Recent Volume.
The Worrying Trend of Reduced Ethereum NFT Transaction Volume Is Not Isolated. Instead, It Appears to Be Part of a Larger, More Inclusive Pattern in the NFT Space. On July 18, Coingecko, a Trusted Source of Cryptocurrency Market Data, Published a Report That Sheds Light on This Trend.
According to Coingecko’s Analysis, NFT Trading Volumes Have Plummeted by 35% Quarter-On-Quarter, From $4.84 Billion in the First Quarter of 2023 to a Relatively Modest $3.15 Billion in the Second Quarter.
NFT transactions on the ethereum blockchain dropped sharply over the weekend, falling to their lowest point in almost two years, according to NFTstats.eth.
The online resource for NFT market statistics is led by the Research Director of Proof, a renowned Web3 community. Data over the weekend painted a worrying picture for the NFT market on ethereum, with trading volumes reaching just about 11,900 ETH, which equates to about $22.1 million.
The figure is the lowest total since July 2021 and marks a clear downward trend. To further underscore this drop, it’s worth noting that this year’s previous low in weekend transaction volume was around 15,400 ETH, a massive 29% increase in total volume from the most recent volume.
The worrying trend of reduced Ethereum NFT transaction volume is not isolated. Instead, it appears to be part of a larger, more inclusive pattern in the NFT space. On July 18, CoinGecko, a trusted source of cryptocurrency market data, published a report that sheds light on this trend.
According to CoinGecko’s analysis, NFT trading volumes have plummeted by 35% quarter-on-quarter, from $4.84 billion in the first quarter of 2023 to a relatively modest $3.15 billion in the second quarter.