Bobos & Wojaks

Get rich or die tryin

NFT Market Drops To $12 Billion

Despite the decline in investor interest in digital collections, NFT marketplaces are still attempting to rebound.

For the month of May, the overall volume on NFT exchanges was close to $4 billion. Despite the fact that this number appears great, monthly volumes starting in April 2022 were closer to $7.18 billion.

With almost $2.6 billion, OpenSea contributed the lion’s share of the volume. Magic Eden, LooksRare, Solanart, Art Blocks, SuperRare, MakersPlace, Nifty Gateway, Foundation, and Async Art were further marketplaces that made important contributions.

Digital marketplaces for non-fungible tokens are known as NFT marketplaces. The platforms assist those who gather digital goods in storing and displaying their NFTs for cash or bitcoin.

The entire sales volume in January 2022 was about $16.57 billion, with LooksRare topping the pack with $11.1 billion in sales. The volume in May was $12.57 billion lower than it was in January, a decrease of 75% in just four months.

The declining activity of NFT marketplaces can be attributed to a decline in investor interest.

nft-crypto-blockchain-melinatrump-donaldtrump

Axie Infinity’s average sale value in May fell to $17.57, a 5-month low, while CryptoPunks’ average sale value fell to $136,800, a 10-month low. Average sales values for Bored Ape Yacht Club and Mutant Ape Yacht Club were respectively $218,740 (6-month low) and $57,580 (5-month low).

The volume for OpenSea in May was $3.58 billion, $890 million more than in April, $3.58 billion, $980 million more than in February, and $2.37 billion more than in January 2022.