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NFT Market Cools Down – Trading Volumes Plunge by 30 Percent

 


Market-leading development team Yuga Labs' NFT collections have seen a significant drop in transaction volume over the past 24 hours, which is also a clear indication of the flagging NFT market as a whole.


For example, Otherdeed is down more than 50%, while Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) are down 46% and 25%, respectively.


A trend that mirrors the entire NFT market as, like the Yuga collections, total trade volume has fallen by a whopping 31% in the last 24 hours to just $113 million. However, NFT prices do not seem to be affected by this yet, as the market capitalization has only slipped slightly to USD 19.5 billion over the same period.


However, interaction between the collections and the market is not surprising, because the three collections mentioned are in the top 5 of all collections. However, this also shows that the NFT market is probably cooling off a bit at the moment.


This interpretation is also confirmed by a look at the top 10 , because only three of the ten largest NFT collections are currently in the green. At the time of going to press, the CryptoBrokers are up an unbelievable 4,000%, but otherwise only the two collections Azuki (7.5%) and Doodles (22.74%) are making gains.



Another indication of this is the NFT trading volumes on the various blockchain networks. In addition to the decline that Yuga Labs collections bring to the Ethereum network, seven other blockchains from the top 10 are seeing double-digit declines in their NFT trading volumes.


On average, trading volumes on Ethereum, Solana, Flow, Avalanche, Ronin, BNB Chain, WAX, and Panini have dropped by 22.5%. Only Polygon and Tezos are up 16.5% and a strong 58.8%, CryptoSlam data shows.

The number of active wallets that have traded NFTs within the last seven days has also been decreasing since May 1st. Active wallets have plummeted 69% to 16,792, while the number of unique NFT buyers even saw a massive 84% slump to just 10,503 buyers, according to data from NFT analytics service NonFungible .


However, the current phase of weakness in the NFT industry is not preventing market researchers from forecasting a rosy future for the sector. Recent forecasts suggest that the market will grow 4.5 times by 2027, reaching a market value of US$13.6 billion. Above all, influencers, gamers and digital art should ensure that the non-fungible tokens can reach these lofty heights in the future .

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