In the past week, the NFT market experienced a significant decline in transaction volume. This was reported by specialists from CryptoSlam, while also noting an increase in the number of buyers and sellers during this period.
Decline in NFT Market Transaction Volume
According to CryptoSlam, the transaction volume in the NFT market fell by 22.65% to $104.5 million. A notable decrease was observed on the Ethereum network, which saw a 29.88% drop, with similar trends emerging on other blockchains such as BNB Chain and Bitcoin.
Increase in Buyer and Seller Numbers
Despite the drop in transaction volume, the number of buyers on the NFT market rose by 14.89%, reaching 622,535. There was also a 16.25% increase in the number of sellers, totaling 447,821. However, the number of transactions did see a reduction of 3.07%.
Impact of Ethereum and BNB Chain on the Market
Research indicates that fluctuations in the NFT market are sometimes linked to broader sentiments and regulatory measures. Currently, Ethereum holds a 13.54% market share with a market capitalization exceeding $519 billion, priced at $4,301.16. CoinMarketCap data also report a slight decrease of 0.81% in 24-hour trading volume.
The decline in NFT market transaction volume, despite the increase in buyer and seller numbers, highlights the volatility of this market. The current changes suggest a need for continued monitoring of dynamics and potential technological innovations.
