NFT Fad Fading: Trading volume drops to lowest level not seen since June 2021
Data shows that weekly trading volume for NFTs has now fallen to lowest levels not seen since June 2021, as the NFT hype continues to stall.
NFT weekly trading volume has now come down to just $81 million
The non-fungible token market has been struggling since a few months now as the rest of the crypto market has gone through a bear market.
The “weekly trading volume” here refers to the amount of USD sales that NFTs saw over the past seven days.
This volume had ranged from $230 million to $260 million in the months between the last third of May and the first ten days of August.
Although these values were significantly lower than those observed during the previous months since August 2021, they were still not too low.
However, that changed last month. Here is a chart showing the trend in weekly NFT trading volume over the past few years:
The value of the metric seems to have gone down in recent days | Source: NonFungible
As you can see in the graph above, NFT’s weekly trading volume (shown in white) has plummeted in recent weeks.
The indicator’s value is only around $81 million now, the lowest it has been since June 2021, more than a year ago. At the all-time high set back in September of the same year, the volume was just under $2 billion.
Just before this recent plunge, the indicator observed a very large rise to near ATH values, but it did not last too long.
The chart also shows the number of sales data (colored in red), which is a measure of the sheer number of transactions for these digital collectibles.
It appears that this metric has not bottomed out as much as volume yet, as it remains at the same level as the low back in June of this year.
These recent consistently low volumes suggest that interest in NFTs has waned recently. For the time being, it is unclear when the market can observe an upswing, or whether it will reach the same heights as in September last year.
BTC price
At the time of writing, Bitcoin’s price is hovering around $19.7k, down 1% in the last seven days. Over the past month, the crypto has lost 13% in value.
The chart below shows the trend in the price of the coin over the last five days.
Looks like the value of the crypto has been trending mostly sideways during the last few days | Source: BTCUSD on TradingView
Featured image from Andrey Metelev on Unsplash.com, charts from TradingView.com, NonFungible.com
