Nonfungible Token (NFT) sales are still in the gutter since their boom in popularity last year – and FTX’s bankruptcy has done nothing to help their prospects.
Weeks after the exchange’s collapse, NFT volumes have plummeted to a 16-month low.
- According to Data provided by Dappradar, NFT trading activity hasn’t seen such lows since July 2021, when OpenSea – the world’s largest NFT marketplace – was the only major trading venue in town.
- The following month saw volumes rise to close to $4Billion, with the majority of volume still being driven by OpenSea.
- Although LooksRare gained traction in the early 2022s, it soon lost its popularity as it competed with many other competitors in a rapidly shrinking market.
- Dappradar’s November sales report showed that Magic Eden, the NFT marketplace with the highest volumes, saw an increase of $94million in November. This was compared to October’s $58million.
- OpenSea volumes dropped from $226 million down to $174 million while X2Y2 declined from $145 million down to $69 million.
- OpenSea had to be shut down Put it off 20% of its workforce in July due to a combination of macroeconomic pressures and crypto’s cyclical bear market. Its dominance in the NFT markets has been largely eroded. diminished Since then.