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 Objkt.com 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.