NFT Sales Plummet to 16-Month Low After FTX Blowup

Nonfungible Token (NFT) gross sales are nonetheless within the gutter since their growth in reputation final yr – and FTX’s chapter has carried out nothing to assist their prospects.

Weeks after the change’s collapse, NFT volumes have plummeted to a 16-month low.

• In keeping with knowledge offered by Dappradar, NFT buying and selling exercise hasn’t seen such lows since July 2021, when OpenSea – the world’s largest NFT market – was the one main buying and selling venue on the town.
• Volumes soared near $4 billion within the following month, with most quantity nonetheless pushed by OpenSea.
• Whereas LooksRare started gaining traction in early 2022, it rapidly fell out of favor because it competed for market share with a number of rivals in a quickly shrinking market.
• In November, Magic Eden was the one NFT market tracked by Dappradar to see elevated gross sales, netting $94 million in volumes in November in comparison with $58 million in October.
• In the meantime, OpenSea volumes declined from $226 million to $174 million, and X2Y2 fell from $145 million to only $69 million.
• OpenSea was compelled to lay off 20% of its workforce in July as a consequence of a mixture of macroeconomic pressures and crypto’s cyclical bear market. Its monopoly within the NFT market has largely diminished since that point.