NFT sales fall below 10k for the first time in a year
Key parameters for non-fungible tokens (NFTs), such as sales, volume and unique users, are at annual lows. Leads society to speculate on the causes.
The renowned NFT analyst Giancarlo Chaux first highlighted the fact that the number of unique NFT buyers/sellers is decreasing. Most of the estimates are at an annual low today, while some have dipped to 2021 levels.
NFT sales fall below 10,000 across marketplaces
According to a Dune dashboard, NFT sales across popular marketplaces are 9,887 today. Estimates have fallen to their lowest point in 2023, and after examining a wider time frame, their current status is akin to July 2021.
Correspondingly, the number of unique users is also at an annual low today. NFT platforms registered 4,265 unique users, a low level not seen since July 2021.
Another key metric, NFT trading volume, is down to 5,823 Ethereum (ETH) today across major marketplaces. Interestingly, the new marketplace Blur managed this volume on its own in December 2022. The average sale size has also dropped sharply to around 18.7 ETH today.
The anti-adoption phase
The declining data has sparked a discussion in society. Many have pointed out Reasons such as meme coin season, tax season and a sharp increase in Ethereum gas fees.
A Twitter user explains“Hyped meme coins attracted volume, both human bots and MEV bots… this caused the throttle to go brrrr, high throttle shuts down jpg collectors and stops activity, no mystery… and this is just one factor of many who play.”
On Wednesday, BeInCrypto reported that a Maximum Extractable Value (MEV) bot spent over $1 million in gas fees within 24 hours. The MEV bots’ activity resulted in an over 140% jump in Ethereum gas fees.
However, a Twitter user, Konstantin, argues:
“For whatever reasons people are commenting here, 10k is still a shockingly low number after two years of a massive NFT boom.
It’s smaller than an ice hockey arena, we’re kind of in the anti-adoption phase.”
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