The top NFT market place has seen a dramatic drop in daily trading volumes over the last month. Over the last 30 days, the volume has declined by 80%. This trend is a serious concern for investors and traders alike. This has led some people to turn to other cryptocurrencies to buy or sell cryptocurrency.
ETH
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A recent study analyzed the flow of ETH through the primary sale of NFT collections. The results showed that market participants spent a total of 963,227 ETH on NFT minting between 1 January and 30 June 2022. This is equivalent to over $2.7 billion. As a result, there were 1,088,888 wallets involved in minting activity. This figure jumped to more than 1.5 million wallets when the activity was extended to the general public via free minting.
NFT trading volumes have been relatively stable over the past month, with a slight decline seen in July when compared to June. Unlike June, OpenSea has continued to see a stable price, although its daily trading volume has declined compared to May. According to Bloomberg, this could be due to a drop in cryptocurrency prices, as a drop in ETH prices may have contributed to a drop in trading volume.
While the total volume of NFT transactions has risen in July, it has declined over the past year. At the end of June, there were fewer than 20,000 NFT sales per day. This is significantly below the peak recorded in mid-April, when the volume of NFT sales was the lowest in a year. The top-selling NFT collectibles at the time of this study include Bored Ape #7537, CryptoPunks 8531, and VeeFriends Series 2 – with five out of the top-20 transfers totaling over ETH.
However, the NFT market is experiencing a downward trend since the wild run in 2021. Mainstream interest in the NFT market has faded to a level where only crypto diehards are supporting the market. There is a long way to go until NFT regains the heights of last year.
LooksRare
The volume of NFT trading has dwindled over the past few months. Previously, there were almost $5 billion worth of transactions each day. Now, however, LooksRare has surpassed its competition by volume. The company has been able to do so because of its lower fees and rewards.
The company is now focusing on its Looks reward token as a way to keep active users. These tokens are used to reward transactions made on the LooksRare marketplace. This strategy has helped the Looks token price triple in January, but has since fallen back to levels near its IPO price.
Unlike other NFT marketplaces, LooksRare’s rewards system is based on the same principle as OpenSea’s. Instead of receiving a percentage of each NFT transaction, users earn WETH and LOOKS tokens. This reward is compounded automatically, so users do not have to manually stake rewards. That saves users both time and gas. Additionally, the tokens are automatically withdrawn from the pool and sent directly to the wallet.
LooksRare is an Ethereum-based NFT marketplace that rewards users with native utility tokens called LOOKS. Its fee structure is relatively low, averaging 2% for NFT sales. This is lower than OpenSea’s 2.5% fee. LooksRare is one of the most popular NFT marketplaces but it still has not reached OpenSea’s market cap.
OpenSea
In the past month, the cryptocurrency market has lost double digits. This has also impacted non-fungible token sales, as OpenSea has experienced a sharp decline in trading volumes. According to data from blockchain analytics firm DappRadar, the volume on OpenSea has fallen 57% over the last 30 days.
In August, OpenSea NFT volumes topped $4 billion. NFT markets have also paralleled bearish momentum in cryptocurrency markets, with platforms, collections, and floor prices experiencing corrections. To avoid being a target of a bear attack, it’s best to enrich the conversation with relevant content, and refrain from making personal attacks. Also, it is important to remember that there is a zero tolerance for discrimination and harassment on OpenSea.
OpenSea is a one-stop-shop for NFTs, and is open 24 hours a day. The platform charges 2.5% per transaction, but creators can set a collection-level fee of up to 10%. This way, they can earn revenue every time their NFT is sold.
The bear market is continuing to affect NFT prices, but the average price of an Ethereum NFT dropped from $2,460 in May to $703 in June. The number of NFTs on OpenSea is down 38% from its May peak and is expected to fall more in August.
Atomic Market
AtomicMarket is a shared liquidity NFT market smart contract that is being used by several websites for listing, buying and selling of NFTs. Its unique functionality enables users to see all the assets listed on one market. This makes it an easy platform for users to build and maintain their own NFT marketplaces.
The data is based on January 2022, and it covers the Ethereum cryptocurrency blockchain. It shows that the volume of NFTs was $24.9 billion during the first four months of 2021, nearly ten times higher than it was in 2020. In addition, the number of wallets trading NFTs has increased from 545,000 in 2020 to over 28 million in 2021. Most days in April and May 2021, over 1,000 to 3,000 wallets purchased NFTs.
The WAX component accounts for 55.0% of the total volume of Collectible NFTs, while the Ethereum component contains 54.8% of the volume of Art and Games. However, the WAX component only accounts for 0.06% of the total volume of Utility NFTs. While the WAX component represents a smaller portion of the total volume of NFTs, it is growing rapidly.
NFTs are similar to cryptocurrencies and are a digital representation of various items. They are stored cryptographically in a blockchain network and are used for authentication and validation. They are typically sold as a whole, but lose value if they are split into smaller pieces. They can also be sold separately if they are duplicates of each other.
While NFTs are a relatively new way to invest in cryptocurrency, they can be highly profitable for investors. In fact, the first few NFTs sold on the market are already worth millions of dollars.
Polygon
NFT volume polygon is a marketplace that facilitates the exchange of NFTs. It provides users with the ability to exchange NFTs for virtual land, homes, and other crypto collectibles. NFT trades are free, and there are no listing fees or minimum transaction amounts. The platform is designed to cater to both sellers and buyers.
Today, there are only three collections with more than 50 ETH in NFT volume. The leading project is ZED RUN, which gained a lot of momentum when it launched on a new blockchain. Other top-performing collections include Creature Playground and Chicken Derby. These collections range in price from 0.015 ETH to 0.237 ETH.
Although NFT volume polygon is still a relatively small market, it is growing fast. In the month of January, the market for NFTs was worth over $79 million, up 46% from December and 465% since July 2021. However, the liquidity of the market is still lacking. In contrast, the Ethereum Layer-1 market offers a much larger volume of NFTs.
The price of NFT volume polygon may go up in the coming weeks and months. While four projects have a price floor of more than 1 ETH, this is still unattractive for quick flippers. Moreover, the successful projects have only 154 or fewer NFTs available for sale on OpenSea. The scarcity of these collections could eventually make them stand out.
One of the most important features of the Polygon NFT volume polygon is that it supports multiple NFT types. The Polygon platform supports four mainstream decentralized storage options and provides cross-chain interoperability. It also features security features that prevent malicious bots from bidding and protects creators’ rights.