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NFT Trading Volume Rises in a Backdrop of Market Slump

Published 01/06/2023, 06:58 AM
Updated 01/06/2023, 07:00 AM
NFT Trading Volume Rises in a Backdrop of Market Slump

  • NFT sales hit three months high on January 5.

  • 2022 NFT sales record similar numbers as 2021 high.

  • OpenSea was the leading marketplace for NFT sales in December.

As 2023 begins, NFT trading volumes seem to be on the rise despite the continued market downturn. According to data from NFTGO, January 5 saw a record-breaking 32,000 ETH traded in a single day on the NFT market. This marks the first time in three months that this has occurred. Similarly, OpenSea’s ETH trade volume reached a two-month high on the same day.

Data from DappRadar shows that 2022 saw an increase in total NFT sales volume nearly on par with 2021’s high. In 2022, the NFT market organic trade volume across blockchain platforms and marketplaces was around $24.7 billion. That is slightly lower than the $25.1 billion recorded in 2021.

DappRadar revealed that the number of NFTs traded last year increased dramatically, even though total trading volume remained relatively stable. The analytics firm logged roughly 101 million NFT transactions during 2022, up from about 58.6 million in 2021. With crypto and NFT prices falling, more NFTs were exchanged at lower USD values.

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The post NFT Trading Volume Rises in a Backdrop of Market Slump appeared first on Coin Edition.

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