There has not been a single day in April where the number of sellers has exceeded the number of purchasers.
Recent data shows that on the market for nonfungible tokens, there have always been more sellers than buyers in April, without exception.
Data from the analytics site NFTGo shows that on April 26, there were only 7,907 buyers, while 8,641 people tried to sell their NFTs.
More sellers than buyers
A few days earlier, on April 19, the NFT market hit its second lowest point in the last twelve months, with only 5,893 buyers. This was just a little bit more than on June 18, 2022, when there were only 5,343 buyers, which was the lowest point in the last twelve months.
While there were more purchasers (18,495) on the market on April 5, there were also 36,423 sellers.
According to the data, there has not been a single day in April in which the number of buyers exceeded the number of sellers on the NFT market, indicating a potential lack of demand that could be concerning for those intending to sell their NFT in the near future.
The last time there were more buyers than sellers is when there were 9,756 buyers and 9,754 sellers on March 11.
On Twitter, people have said many different things about the unstable market. Canary Labs co-founder Ovie Faruq tweeted on April 26 that the NFT market is “not functioning” at the present.
A CoinGecko report from March 20 said that wash trading on the top six NFT markets went up for the fourth month in a row in February, with a total volume of $580 million.
The report said that the market’s volume rose 126% from the previous month’s level of $250 million. The report said that the rise was due to the general recovery of the NFT marketplace.
Content Source: cointelegraph.com