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NFT marketplaces are in decline as weekly sales volume falls by 30%

NFT marketplaces are in decline as weekly sales volume falls by 30%

MAYC, BAYC, and Otherdeed trading volumes are all down, as are NFT market volumes as a whole, perhaps signaling a slowdown in the sector as a whole.

The trading volume for Yuga Labs’ nonfungible token (NFT) collections has decreased significantly during the last 24 hours.

Otherdeed is down over 50 percent, Mutant Ape Yacht Club (MAYC) is down 46 percent, and Bored Ape Yacht Club (BAYC) is down 25 percent, according to NFT market tracker NFTGO.

In the last twenty-four hours, total NFT marketplaces activity has paralleled Yuga’s collections, with volume decreasing 31 percent to $113 million. However, prices have not followed pace, with the total market value of NFTs decreasing to $19.5 billion during the same time frame.

These collections comprise three of the world’s top five most-traded collections. Except for Otherdeeds, each collection’s volume has decreased by over 50 percent during the last week, probably indicating that the NFT market is cooling.

Only three of the top ten collections in terms of sales volume are profitable. CyberBrokers is in second place, up 4,124 percent, Azuki is in fifth place, up 7.5%, and Doodles is in ninth place, up 22.74 percent, according to the NFT market tracker Crypto Slam.

In addition to Yuga Labs collections, which are all offered on Ethereum, the sales volume of non-fungible tokens on eight of the ten most popular blockchains has decreased by double digits during the last week.

On average, trading volumes for Ethereum (ETH), Solana (SOL), Flow (FLOW), Avalanche (AVAX), Ronin, BSC (BNB), WAX (WAXP), and Panini are down 22.5%. Only Polygon (MATIC) and Tezos (XTZ) sales volumes are increasing, according CryptoSlam data, by 16.5% and 58.8%, respectively.

Since May 1st, the number of active market wallets that have executed an NFT trade during the last week, as well as the overall number of unique buyers, has been significantly falling. According to data from the NFT market research tool NonFungible, the number of active market wallets has decreased by 69 percent to 16,792 and the number of unique buyers has decreased by 84 percent to 10,792.

Bloody red market, huge decline in coinbase market

Reviewing the past 24 hours, the market decreased about 6%, and the amount of liquidation gained $420 million. The biggest decrese in the past 24 hours was related to ALGO GMT SHIB DOT.

And a huge decline in the previous week was for GMT APE LUNA AR. Coinbase’s market cap has decreased to $20.9 billion, which is lower more than 60% in camparison witg previous year.

Coinbase which is an American company that is specified to cryptocurrency trades platform. This company is distributing system; all the staffs are working via remote work and the company has no physical headquarters and office It is known as the largest cryptocurrency exchange in the United States considering the trading volume.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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