NFT Market Sees Significant Growth Amid Decline In Buyer Numbers
The non-fungible token (NFT) market has recently experienced notable shifts, characterized by a significant increase in trading volume alongside a sharp decline in the number of active buyers and sellers.
According to PANews, NFT trading volume surged to $121.5 million this week, marking a 15.27% increase from the previous week. However, the number of NFT buyers plummeted by 94.39% to 25,641, while sellers decreased by 91.84% to 25,717. Despite the reduced participant numbers, the total number of transactions rose by 5.21%, reaching 1,615,020.
Breaking down the activity by blockchain networks:
Ethereum: Trading volume increased by 50.76% to $37.6 million, although the number of buyers fell by 69.09% to 15,471.
Bitcoin: Trading volume decreased by 17.21% to $21 million.
Solana: Trading volume reached $18 million, growing by 51.24% and securing the third position.
Mythos Chain: Trading volume was $15.2 million, up by 2.84%, ranking fourth.
Polygon: Trading volume was $13.5 million, down by 7.98%.
These trends suggest that while fewer individuals are actively buying and selling NFTs, the overall trading volume has increased, indicating higher transaction values or more frequent trading among remaining participants. The rise in transaction numbers despite the decline in buyers and sellers could point to increased activity by institutional investors or dedicated collectors.
It's important to note that these figures represent a snapshot of a highly dynamic market. The NFT landscape continues to evolve, influenced by factors such as technological advancements, regulatory developments, and shifting consumer interests. Market participants should remain attentive to these changes to navigate the NFT space effectively.
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