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NFT Market Bouncing Back in 2023

According to the data, both platforms are performing well, with a trading volume increase of +47.36% and +10.97%, respectively, while their unique NFT trader numbers were -1.06% for Opensea and +120.0% for LooksRare a few days ago.

This is a huge improvement from late last year, when NFT sales across the five major markets (OpenSea, Magic Eden, X2Y2, LooksRare, and Solanart) reached their lowest point for 2022 (by November), following a declining trend that began in April 2022.

In November, the total volume of marketplaces was $394,02 million, with only Magic Eden exhibiting a rise in sales volume from $58.66 million in October to $94.40 million in November. Despite OpenSea’s 27% increase in annual trade volume, total NFT sales in the slowest month decreased by more than $100 million, or 20%, compared to October.

If the process goes, it is uncertain if the two platforms and X2Y2 will be well-positioned to return the market to its previous highs (though the same could not be said of Foundation and at this time).

Depending on a crypto trader’s strategy, the NFT market’s rebound after a two-month collapse might mean a great deal. And, as more applications for NFT technology are being developed, such as purchasing a home with NFT, and more uses are on the horizon, crypto traders whose game plans include opening new positions on NFT-related assets may consider the accumulation as advantageous.

Even as the entire cryptocurrency market awaits a recovery from the macroeconomic stresses imposed by 2022’s major events — Terra Luna, Three Arrows Capital, and the FTX crisis — the rising market trend may prompt investors to reconsider their entry and exit points for linked NFT transactions.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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