NFT traders hit a slump: Sales count drops to lowest in two years

• NFT traders’ count has declined to its lowest level since July 2021.
• The value of Blue Chip NFTs has fallen since the year started. 

As interest in profile picture (PFP) wanes, the count of weekly NFT traders has dropped to its lowest since July 2021. According to data from Dune Analytics, on a year-to-date basis, this has declined by 67% on a year-to-date.

Source: Dune Analytics

An assessment of NFT sales volume across several marketplaces revealed a consistent drop in weekly trading volume since February. For example, leading NFT marketplace Opensea has experienced a 67% drop in weekly sales volume since then.

While OpenSea’s case remains peculiar to the activity of Blur, this decline still mirrors still the general disinterest in NFTs as an asset class. 

Source: Dune Analytics

Further, the count of NFT sales transactions across leading marketplaces has also depleted. For example, on OpenSea, the decline in sales count began in January and has since decreased by 83%.

Blur’s descent started a month after, and its weekly sales count has since fallen by 91%, per data from Dune Analytics. 

State of the NFT market so far

Despite the drop in NFT trading activity since the year began, the general market capitalization has increased by 16%. At press time, this was $7.69 billion, per data from NFTGo. 

Also, while sales volume across leading marketplaces has declined since February, an assessment of the entire market sales volume revealed a 141% jump. As of this writing, this stood at $5.54 billion.

Source: NFTGo

Interestingly, amid the increased general market capitalization and sales volume, the value of Blue Chip NFTs has dwindled. These are NFT collections that are deemed to be of high value and low risk. 

Per data from NFTgo, the Blue Chip NFT Index has dwindled since the year began. The Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. At 7,601 ETH at press time, it has fallen by 22% since 1 January.

Source: NFTGo

Leading projects such as the Bored Ape Yacht Club [BAYC] and CryptoPunks have gradually seen their floor prices trend downwards in the past five months. With BAYC trading at an average price of 46.95 ETH at press time, its floor price has fallen by 32% since the year began. 

As for CryptoPunks, the value has dropped by 24% within the same period.