Transaction volumes in NFTs, which are the favorite Blockchain product of the last bull season, are decreasing day by day.
According to blockchain data firms, transaction volumes in NFT markets are decreasing day by day. The data points to dwindling demand in the market as the biggest reason.
Declining demand to NFT market lowers trading volumes
The NFT market has taken another hit lately due to the declining enthusiasm in the lending and trading market. While the sales volume of CryptoPunks, one of the leading collections, has decreased by 50 percent in the last 30 days, the sales volume of Bored Ape Yacht Club has decreased by 42 percent. The average selling prices of NFTs were also observed at a discount of 20 percent.
One reason for the drop was the Blur token, which was promoted by offering zero freedoms and tokens to the scene. However, the price of this token has recently declined and so has its demand for underlying NFTs.
The decline in the NFT market was also seen in trading volume, according to researcher DappRadar. In the week of July 24, NFT trading volume decreased by 68 percent from three weeks ago to $57.5 million.
Many analysts think that the market cannot experience further declines, but it is stated that liquidity has decreased. The 38 percent decline in NFT trading volume in the second quarter stands out as an indicator of the difficulty in the market.
All these data show that the NFT market is currently going through a difficult period and it is necessary to watch closely how it will take shape in the future.
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